- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Education
Claiming AOTC does not require you to be claimed by your parents and that is true whether they can claim you and not.
AOTC has two components - the non-refundable portion and the refundable portion.
On the non-refundable portion, the maximum credit is $1500. Unfortunately, if your income is less than the standard deduction ($13,850), there would be no tax credit. The credit can lower what is on Line 22 by up to $1500, and it does depend on your Qualified Educational Expenses exceeding your scholarships by at least $4000.
On the refundable portion, if all ALL THREE items below are true, you are not eligible for the refundable portion:
1) At least one parent is alive
2) you filing status is other than Married Filing Joint
3) you are under 24 and your earned income is less than 50% of your support costs.
if you are eligible for the refundable portion it is worth up to $1000 and again depends on your QEE exceeding your scholarships by at least $4000.