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Get your taxes done using TurboTax
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There are two parts to the American Opportunity Tax Credit (AOTC). The credit is split out in two different places on your income tax return.
The first is a maximum nonrefundable credit of up to $1,500. The nonrefundable credit can be up to $1,500:
- It is on Schedule 3 (Form 1040 or 1040-SR), Line 3 Education credits from Form 8863, line 19.
- A nonrefundable credit is subtracted from your income tax liability, up to the total amount you owe. But unlike a refundable tax credit, a nonrefundable credit cannot reduce your tax balance beyond zero.
- For additional information, click on What Is the Difference Between a Refundable and a Nonrefundable ...
The second is a refundable credit of up to $1,000.
- It is on Form 1040 line 18c American Opportunity Credit from Form 8863, line 8.
- However, keep in mind that there are other requirements to be eligible to claim the AOTC credit. For additional information, click on Who is eligible to take the American Opportunity Tax Credit?
If you're not eligible for the American Opportunity Tax Credit, you may be eligible for:
- The Lifetime Learning Credit, or
- The Tuition and Fees Deduction.
Related information:
[Edited 3-12-2020|11:05 am PST]
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‎June 5, 2019
5:24 PM