Hal_Al
Level 15

Education

Q. Would you be willing/able to provide a summary of the specific steps we'd need to take from here?

A. Yes.

 

Q. And, would we need to complete and submit changes to her return prior to 4/18?

A. No. You have three years to that.  But sooner is better than later as there will be interest and late payment penalty accumulating.  Furthermore, you do not need to wait for her to amend to file you own return. 

 

Q.  to put her in a position to realize one or both of the relevant credits? 

A. You, the parent, claims the tuition credit on your return, not the student, on her return.  This is because she is your dependent. She will be amending (if needed) to report some of her 1099-Q as taxable (because the parent used some of the tuition to claim a credit). You can only claim one credit and it will be the AOTC (the other credit is not as generous and takes $10K of tuition rather than only $4K).