3454362
You'll need to sign in or create an account to connect with an expert.
You can claim an education credit for qualified education expenses paid by cash, check, credit, or debit card or paid with money from a loan. However, Qualified expenses for the education credits are amounts paid for tuition, fees and other related expense for an eligible student that are required for enrollment or attendance at an eligible educational institution.
The following are not qualified education expenses:
It depends on your age on 12/31/2023, unless you're married or an orphan.
There's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. It is usually best if the parent claims that credit.
You cannot claim the (up to) $1000 refundable credit if you are, or can be, claimed as a dependent by someone else.
Reference: Line 7 instructions for form 8863.
https://www.irs.gov/instructions/i8863#en_US_2024_publink53002gd0e674
You cannot file a 2023 1098-T on your 2024 tax return. If you can claim it (and you probably can't) you will file a 2023 tax return (or amend your previously filed 2023 return).
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
sherikka_lowry
New Member
sherikka_lowry
New Member
Champ77
New Member
starkyfubbs
Level 4
starkyfubbs
Level 4