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Hi, I have questions regarding American Opportunity Credit, College loans. Below is my information to support my questions.


-My wife and I filling status is married.
-Our son started his freshman year Aug 2017 at a 4 year university.
-he lived at home 8.5 months
-he made about $1,400 in 2017.
-my wife and I paid about $1,100 of his initial fees and books.
-my son got the government loan for about $6,500
-he also got a student loan for about $23,000
-both loans are cosigned by my wife.
-paid no interest or payments toward either loan in 2017.
-he received about $13,000 in merit discounts/scholarships from the University.
-All scholarships received was from the University.

Question
1. Can we claim him on our taxes?
 a. he live at home for more than 8 months
 b. he only made $1,400.
 c. we paid for car and medical insurance, food, and a roof over his head.
 d. But for 3.5 months, he lived off his college loan for room, board, and tution. which is about $10,000 during 2017.
 e. I am hoping to claim the $1,100 for fees and books I provided on my taxes.

 

2. He received a 1099-T
 a. Since he is the primary on the loan, I assume the 1099-T info needs to be entered on his tax filing.
 b. But, since he made about $1,400, he is not able to take advantage of the $2,500 American opportunity Credit.

 

3. Is there a method to claim the $2,500 American Opportunity Credit on my wifes and I tax filling?

 

 Looking forward to response.