If you may qualify for a tax benefit such as the American Opportunity Tax Credit, then you may wish to amend your return when that option becomes available. You indicated that the amount in Box 5 (scholarships) is less than the amount in Box 1 (payments received by the school for qualified tuition and related expenses).
There are times when you should amend your return and times when you shouldn't. Here are some common situations that call for an amendment:
- You realized you missed out on claiming a tax deduction or credit.
- You accidentally claimed the wrong tax filing status.
- You need to add or remove a dependent.
- You forgot to claim taxable income on your tax return.
- You realize you claimed an expense, deduction, or credit that you weren't eligible to claim.
See this article for more information on filing an amended return.
See this article to find out if you qualify to claim education credits.
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