The IRS works in calendar years, while colleges work in academic years. So the reality is, it takes you five calendar years to get that four year degree.
You can only claim the AOTC four times. That's it. The AOTC is only available to an undergraduate. If you already have a four year degree in a specific field of study, then you are no longer an undergraduate.
If you are working on another degree in another field of study, then while you may be an undergraduate in that field, if you already claimed the AOTC four times, you can't claim it again. Not ever for so long as you may live.
