American Opportunity Credit, Amendments and New Re...
New Member

American Opportunity Credit, Amendments and New Return Question

Ok, so this year while doing my taxes, I realized that I mistakenly marked one of my dependents as finishing her first four years of college, when really she hadn't. I downloaded the file and software and made the changes, and now says I am owed a refund. However, I find it too good to be true. I'm scared I messed up or something. Changing that fact makes both students eligible for the AOTC. I thought that the AOTC can only be claimed once a year. It looks like I was confused, it meant that it can only be claimed once a year per student and not once a year across all dependents, right?

Is first four years of college, literally first four years or does it mean, if they have completed their bachelor's degree? 

Also, is my assessment correct? Can both of my dependents claim the AOTC for the same year? 

 Also, is there any likelihood something like this would trigger an audit? 

Thank you

This widget could not be displayed.
Privacy Settings