First, the requirement is that you do not take the AOTC more than 4 years. However, when your scholarships exceed your tuition costs in Box 1 of Form 1098T, you do not qualify for the credit.
Second, the intent is not to take the AOTC more than 4 years. So if you are done with undergrad and have not qualified to take the AOTC in any of the four years, there is no issue. However, if you did not take the credit in any of those four years and possibly could have you can amend to take the credit for three of those years. Like you said, if your scholarships exceed your tuition costs there is no allowable credit.
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