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Is there a way to increase my amount of $1,000 to $2,500 from the American Opportunity Credit? It shows people are able to get up to $2,500.

 
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2 Replies

Is there a way to increase my amount of $1,000 to $2,500 from the American Opportunity Credit? It shows people are able to get up to $2,500.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/eligible-take-ame...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Hal_Al
Level 15

Is there a way to increase my amount of $1,000 to $2,500 from the American Opportunity Credit? It shows people are able to get up to $2,500.

Only $1000 of the  American Opportunity Credit (AOC) is "refundable". The other $1500 can only be used to reduce an actual tax liability. If line 18 of your form 1040 is already zero, then there is no way to increase the $1000. 

 

The fact that you are not getting any of the non-refundable portion of the AOC questions whether you are actually eligible for the $1000 (you don' have enough income to have a tax liability).

 

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 a 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

 

 

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