1098-T, AOTC, & Switching from a Dependent to Independent Filer

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I have had four (4) years of college and each year I am claimed as a dependent while my parents get to use my 1098-T form. They have claimed the American Opportunity Tax Credit (all 4 years and they can no longer utilize this credit). However, this year my life has changed quite a bit which has allowed me to file as an independent for the first time. However, I am still in my last two years of college.

My question is simply this, am I eligible to claim the AOTC for myself this year since I am an independent or am I forced into the Lifelong Learning Credit due to the prior (4) years of my parents claiming the AOTC?

TurboTax

rjsAnswer

Level 15

The Tuition and Fees Deduction has been extended retroactively for 2018 through 2020, so you could claim either that or the Lifetime Learning Credit. TurboTax will figure out which is better for you. But the law extending the deduction was just passed a few weeks ago, so you will have to wait a bit until TurboTax is updated to include it.

xmasbaby0

Level 15

No, you do not get any more bites of the AOC apple. It can be used for you four times and you say your parents used it for those four times. Try the Lifetime Learning Credit.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**