We qualify for the American opportunity credit for education. Turbo says so. We also have a $2300 guitar that was required.
In most cases,
receiving Social Security Disability Insurance (SSDI) doesn't automatically disqualify you from claiming the American Opportunity Tax Credit (AOTC).
Here's a breakdown of the requirements for claiming the AOTC:
- Who can claim it: The AOTC can be claimed by an eligible student, a spouse filing jointly with an eligible student, or a dependent claimed on your tax return who meets eligibility requirements.
- Student Eligibility: Specific criteria must be met, including pursuing a degree or other recognized credential, being enrolled at least half-time, not having completed the first four years of higher education, not having claimed the AOTC or Hope credit for more than four years, and not having a felony drug conviction.
- Income Limits: Eligibility for the full AOTC is based on Modified Adjusted Gross Income (MAGI), which must be $80,000 or less for single filers and $160,000 or less for those married filing jointly. Reduced credit may be available for MAGI within certain ranges, and there is no eligibility if MAGI exceeds the upper limits.
- Qualified Expenses: The credit is based on eligible expenses like tuition, fees, and required course materials.
