If have paid qualified education expenses including a tuition amount, you should have received a Form 1098-T. To claim the credit, here are the steps:
In TurboTax online,
- Sign in to your account, select Pick up where you left off
- At the right upper corner, in the search box, type in "1098t" and Enter
- Select Jump to 1098t
- Follow prompts
The American opportunity tax credit AOTC allows taxpaying students or their parents the opportunity to reduce the cost of attending college. The credit typically offers greater tax savings than other education related tax benefits. It is because it reduces the tax you owe on a dollar-for-dollar basis rather than just reducing the amount of income subject to tax. However, there are several requirements for eligibility. For more information, click here: AOTC
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