Yes, if the American Opportunity Tax Credit was claimed in error, to avoid penalties and interest, amend the return as soon as possible.
For instructions on how to do this, see: How do I amend my 2020 TurboTax Online return? Keep in mind, Form 1040-X will not be available for a few more weeks.
However, when it is available, you will still be able to e-file the 2020 amended tax return. Depending on your state of residence, the state return may need to be paper filed. Only Georgia, New York, Michigan and Vermont provide e-filing for amended returns.
