KrisD15
Expert Alumni

Deductions & credits

If you enter the 1098-T, go through the interview and click "Maximize My Tax Break" the TurboTax program will do the math and determine if claiming additional income to free-up education expenses is worth it. 

 

The American Opportunity Tax Credit could help you but the first thing you would need to find out is how many times that credit was taken. 

If you were a dependent before 2024, you'll need to ask the person that claimed you if they took the American Opportunity Tax Credit and if YES how many times. 

If the credit was taken on your expenses, that counts the same as if you used it. 

School usually spans 5 years, so the credit is often not available the year the degree is earned. 

 

You already need to claim about 10,000 of the scholarship, so another 2,000 might not help. The maximum credit is based on 10,000 expenses. 

 

 

 

 

 

 

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