You do not have to amend your return, but you will likely want to. You have qualified tuition paid which should qualify you for an education credit. I have included information on both education credits available and how to amend a return.
Here's how to amend your return.
To avoid unnecessary delays, do not amend until your original return has been fully processed.
The American Opportunity credit amount is equal to:
- 100% of the first $2,000 of qualified expenses, plus
- 25% of the expenses in excess of $2,000.
- The maximum annual credit per student is $2,500.
A student eligible for the American Opportunity tax credit:
- The credit is only available for the first four years of post-secondary education (undergrad).
- Enrolls in at least one academic semester during the applicable tax year.
- Maintains at least half-time status in a program leading to a degree or other credential.
For the Lifetime Learning Credit, there is no limit on the number of years you can use this credit for undergraduate, graduate, and professional degree courses. This includes ones to improve job skills.
- The maximum credit is $2,000 per tax return.
- Can be used when you're only taking one class.
- You don't need to be working towards a degree.
- None of the credit is refundable.
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