If you have copies of your prior year tax returns, you can check them to see how many times you claimed the credit. If you started college in 2011 and were a student for four years in a row, from Fall Semester of 2011 to Spring Semester of 2015, it is possible that you claimed the American Opportunity Credit in 2011, 2012, 2013 and 2014.
If you don't have copies of your prior year tax returns, but you prepared them using TurboTax, you can unlock access to those returns by purchasing PLUS.
https://ttlc.intuit.com/questions/2758553-how-to-unlock-prior-year-returns-through-turbotax-online
If you didn't use TurboTax, you can request transcripts of these returns from the IRS.
https://www.irs.gov/uac/Newsroom/Request-a-Transcript-or-Copy-of-a-Prior-Year-Tax-Return
In any case, you would see an entries on line 50 &68 of your 1040 or lines 33 &44 of your 1040-A for years that you claimed the credit.
However, if your parents claimed you as a dependent during any of those years, the credit should have been claimed on their tax return, not yours.
If you have copies of your prior year tax returns, you can check them to see how many times you claimed the credit. If you started college in 2011 and were a student for four years in a row, from Fall Semester of 2011 to Spring Semester of 2015, it is possible that you claimed the American Opportunity Credit in 2011, 2012, 2013 and 2014.
If you don't have copies of your prior year tax returns, but you prepared them using TurboTax, you can unlock access to those returns by purchasing PLUS.
https://ttlc.intuit.com/questions/2758553-how-to-unlock-prior-year-returns-through-turbotax-online
If you didn't use TurboTax, you can request transcripts of these returns from the IRS.
https://www.irs.gov/uac/Newsroom/Request-a-Transcript-or-Copy-of-a-Prior-Year-Tax-Return
In any case, you would see an entries on line 50 &68 of your 1040 or lines 33 &44 of your 1040-A for years that you claimed the credit.
However, if your parents claimed you as a dependent during any of those years, the credit should have been claimed on their tax return, not yours.
so does this mean that if the parents claimed you as a dependent for the first of the 4 years that this does not count toward your four years?
Turbox tax also shows Ive already claimed for years of AOC credits. My child entered college Fall 2015. She is graduating Spring 2018. I do have my TurboTax prior tax returns. I show I've only claimed credit 3 times. Why does TurboTax show otherwise?
Hi IsabellaG,
I do not see lines 50 & 68 on my 1040 form. My 1040 form that I am looking at only goes up to line 46. Maybe there are some specific wordings I should be looking for on the form?
The tax forms have changed dramatically since the original question first posted. There are no more lines 50,68,or 46 in the 2019 1040.
I took money out of a 529 for a nondependents college tuition where on the turbo tax program do I offset the gains to be tax-free
To enter offsetting expenses in TurboTax Online,
how do we find this? I have a 8863 forum with my 2019 return but not on my 2018. So how do I know if I claimed for 2 years or 1 year?
The only place to get that is from your own records. Fortunately, it's been a line item on form 1040, for several years:
2019 line 18c
2018 line 17c
2017 & earlier line 68 (line 44 on form 1040A)
I also need to know this. I was in school back in 1999-2003 and I don't remember, neither did I use turbo tax. Do you know whether AOC or the Lifetime credit was offered that long ago?
You do not need to account for any Lifetime Learning Credits (LLC), you claimed. There is no limit on the number of times the LLC can be claimed. The American Opportunity Credit (AOC) dates from 2009. It's predecessor, the Hope Credit dates from 1999. Any Hope credits claimed by either you or your parents (on your education) count for the 4 time limit on claiming the AOC.
Back then, there was a line for the education credit on form 1040, with the details shown on form 8863 (same as more recent forms). No part of the Hope credit (unlike the AOC) was refundable. It could only be used to offset a tax liability.
Thanks. I don't think you could use this for doctorate level tuition expenses.
You may use the Lifetime Learning Credits (LLC) for post graduate education, but not the American Opportunity Credit (AOC). The AOC is only for the first 4 years of post secondary education.
Where on the IRS transcripts do I look? Like account transcript or another one? Also what does the line say that shows that?
Turbo seems to think I am able to claim AOTC but I am not sure and do not want to be audited.
It depends on what type of transcript you have, and what tax year the return was for.
A Tax Return Transcript shows most line items on your return as filed – it doesn't display any changes made after you filed your original return. If you have this type of transcript, the item you’re looking for should be easily identifiable. You’d need to compare the transcript to an actual return to see what’s present. For example, if you want to know what’s on a 2019 Form 1040 transcript you have, go to the IRS’ Forms & Instructions, type in 1040, and enter; on the next page, type in 2019 next to where you’ve typed in 1040 and, next to Select Filter, choose Prior, and search again. You’ll find the 2019 1040 in the list.
A Tax Account Transcript displays very basic information, such as filing status, adjusted gross income, taxable income, and types of payment. However, this transcript shows changes that were made after you filed your original return.
There are other types of transcripts, as well. Please see the IRS’ Transcript Types and Ways to Order Them page for more detail.
Have the same question. I saw some blanks to fill in number of years applied for the AO credit and Hope credit, but now I can not get back to them.
Go through the entire education interview until you reach a screen titled "Your Education Expenses Summary". Click edit next to the student's name. That should take you to a screen “Here’s your Education Summary”. Click edit next to “Education Information”. You will eventually reach that screen.
I already called IRS but they say they only have records 3 years back. So my client has been paying taxes since 2011 but she does not know if she ever claimed AOC. Any idea how to get the records?
In 2009, the American Opportunity Tax Credit replaced the Hope Credit as one of the available education credits. However, the four year rule applies to both combined. You could not take the Hope Credit for four years and separately take the American Opportunity Credit for four additional years. According to the IRS, tax account transcripts are available for the current year and nine prior tax years unless certain conditions apply. Unfortunately, unless they retained records, there may not be recourse to retrieve older tax returns.
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Do line 50 and 68 have to have a number ? On my 2016 1040 line have o and line 68 have 60.00
Line 50 is for your education credits. If the line is $0 you can review form 8863 to determine why. Line 68 is the Earned Income Credit. You can review form EIC to see the calculation for the EIC credit.