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Question on opportunity credit 1098t

 
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2 Replies
KarenM90
Intuit Alumni

Question on opportunity credit 1098t

Here are links to the Education Deduction and Credits available:

 

Tuition and Fees Deduction

 

American Opportunity Credit

 

Lifetime Learning Credit

 

If they do not answer your question, please clarify how we can help.

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Hal_Al
Level 15

Question on opportunity credit 1098t

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 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 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

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