Q. Can I claim the American Opportunity Credit (successor to the Hope Credit) as a Student?
A. No. If you qualify as a dependent, you are not eligible for the American Opportunity Credit (AOC).
Even if you don't qualify as a dependent, there are further restrictions on a student under age 24 qualifying for the AOC. There's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. You usually must have actually paid tuition, not had it paid by scholarships & grants. It is usually best if the parent claims that credit.
