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jhfalcon
New Member

Why don't I qualify for an education tax break? I paid for tuition in excess of scholarships and grants and have qualified education expenses. I don't understand.

 
5 Replies

Why don't I qualify for an education tax break? I paid for tuition in excess of scholarships and grants and have qualified education expenses. I don't understand.

Hal_Al
Level 15

Why don't I qualify for an education tax break? I paid for tuition in excess of scholarships and grants and have qualified education expenses. I don't understand.

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 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 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.


jhfalcon
New Member

Why don't I qualify for an education tax break? I paid for tuition in excess of scholarships and grants and have qualified education expenses. I don't understand.

This answer does not apply to me. I am 51 years old and filing as head of household. I had tuition in excess of grants & scholarships for my graduate degree. Do I not qualify for the educational tax break because it is not my first degree?

Why don't I qualify for an education tax break? I paid for tuition in excess of scholarships and grants and have qualified education expenses. I don't understand.

AOC is only good for undergraduate You might qualify for the Lifetime Learning Credit. though,
Hal_Al
Level 15

Why don't I qualify for an education tax break? I paid for tuition in excess of scholarships and grants and have qualified education expenses. I don't understand.

The  Lifetime Learning Credit (LLC) is a non refundable credit. That is, it can only reduce your actual tax liability.
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