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I was wondering why I did not get the American opportunity credit this year? I am a student on my senior year that pays for my housing and tuition. I was just curious.
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I was wondering why I did not get the American opportunity credit this year? I am a student on my senior year that pays for my housing and tuition. I was just curious.
TurboTax should tell you why you didn't qualify for the AOC.
At the end of the Education section, you can EDIT yourself as the Student on the Education Expenses Summary page (screenshot).
Make sure you didn't indicate that you have already claimed the AOC for four years.
Housing expenses are not qualified education expenses.
If you have a 1098-T with a larger amount in Box 1 (Tuition), than in Box 5 (Scholarships), you should qualify for an Education Credit.
Since we can't see your tax return in this forum, click this link for some info on the American Opportunity Credit that may help you.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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I was wondering why I did not get the American opportunity credit this year? I am a student on my senior year that pays for my housing and tuition. I was just curious.
You say didn't get the AOC "this year", indicating maybe you got it in past years?
If so, the problem may actually be that you got it erroneously, in the past. Most students are simply not eligible. It is usually best if the parent claims that credit.
A full time, unmarried student, under age 24, 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.
You cannot claim a credit if you are, or can be, claimed as a dependent by someone else.
If you are eligible, you have answered something wrong, in the interview. The earned income support question is part of the personal info interview, not the education interview.
But, a lot of people are just not eligible. See https://www.irs.gov/Individuals/AOTC
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I was wondering why I did not get the American opportunity credit this year? I am a student on my senior year that pays for my housing and tuition. I was just curious.
I am having issues with the AOC this year. I was a senior in the spring of 2020. My 1098-T has a blank box 1 (because I was billed in 2019) and a 14,000 scholarship. I chose to enter a different amount and entered the amount I paid for tuition for my last semester, which was over the scholarship amount. I was still told I do not qualify for the AOC but I meet all of the qualifications. I was told to enter the amount I paid if it was during 2020, and the loan was disbursed in January 2020. Any ideas on this? Thanks!
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I was wondering why I did not get the American opportunity credit this year? I am a student on my senior year that pays for my housing and tuition. I was just curious.
If you are eligible, you have answered something wrong, in the interview. But, a lot of people are just not eligible. See https://www.irs.gov/Individuals/AOTC
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, is only eligible for the refundable portion of the American Opportunity Credit (AOC) if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. You usually must have actually paid tuition, not had it paid by scholarships & 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.
If you were a senior in 2020, that may have been your 5th calendar year in school. The AOC is limited to being claimed 4 times total by either the student or the parents.
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