In 2020, my wife and I claimed our son’s fourth American Opportunity Credit (AOC).
On May 17, 2019, when my wife and I filed our 2018 joint return and his return, we claimed our son’s second AOC. It was only $1,600 because he only had $1,600 in adjusted qualified education expenses. (At the time, my wife and I believed our son would be unable to return to college for health reasons.)
After years of hard work, incredible perseverance, and the helpful hand of a gracious God, our son will be attending Virginia Tech full-time this Fall.
If not In 2022, then certainly in 2023, we expect our son to have over $4,000 in adjusted qualified education expenses resulting in a $2,500 AOC for us or for him; i.e., a $900 win, regardless.
My strategy is to file, on or before May 15, 2022, an amended 2018 return for (i) my wife and I, and (ii) my son, if doing so is beneficial or necessary, without claiming my son’s second AOC allowing him or us to claim his fourth AOC in 2022 or 2023.
Are there any IRS rules, regulations, or policies that might prevent this strategy from being successful?
Are there any reasons why I would not want to do this?
Thanks!
Q
