My daughter is also in college fulltime. Should she file independently?
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Yes. You can try American Opportunity Credit. Just make sure that your school qualifies as an eligible institution and you would have to pay for some of it with money (your own money or someone else's) or a student loan. If you have any other details regarding this question, please feel free to post them in the comment section.
Here are some other info and requirements.
The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.
The amount of the credit is 100 percent of the first $2,000 of qualified education expenses you paid for each eligible student and 25 percent of the next $2,000 of qualified education expenses you paid for that student. But, if the credit pays your tax down to zero, you can have 40 percent of the remaining amount of the credit (up to $1,000) refunded to you.
You can deduct qualifying expenses paid in the tax year for:
Qualifying expenses include what you pay in tuition and mandatory enrollment fees to attend any accredited public or private institution above the high school level.
You cannot take a deduction for:
You have to subtract any scholarships, educational assistance, or other nontaxable income spent for educational purposes (other than gifts or inheritances). For example, if your employer offers a tuition reimbursement plan as a fringe benefit that pays $1,000 of the cost of a $1,500 course, only the remaining $500 would count for purposes of this deduction.
Yes. You can try American Opportunity Credit. Just make sure that your school qualifies as an eligible institution and you would have to pay for some of it with money (your own money or someone else's) or a student loan. If you have any other details regarding this question, please feel free to post them in the comment section.
Here are some other info and requirements.
The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.
The amount of the credit is 100 percent of the first $2,000 of qualified education expenses you paid for each eligible student and 25 percent of the next $2,000 of qualified education expenses you paid for that student. But, if the credit pays your tax down to zero, you can have 40 percent of the remaining amount of the credit (up to $1,000) refunded to you.
You can deduct qualifying expenses paid in the tax year for:
Qualifying expenses include what you pay in tuition and mandatory enrollment fees to attend any accredited public or private institution above the high school level.
You cannot take a deduction for:
You have to subtract any scholarships, educational assistance, or other nontaxable income spent for educational purposes (other than gifts or inheritances). For example, if your employer offers a tuition reimbursement plan as a fringe benefit that pays $1,000 of the cost of a $1,500 course, only the remaining $500 would count for purposes of this deduction.
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