Thanks, @Hal_Al!. So the bottom line seems to be that I should change that to $4000, correct?
I could use a little more understanding on this one though. I've seen it before, as this is the third year we've gotten the AOTC, but simply plowed through in the past. I'm trying to research this to get a better understanding, so I'd like to ask a few questions to try to walk through this, if I may:
- Do I qualify for this credit because I spent at least $4000 on education expenses, and therefore I get $2500 tax credit?
- What happens to any amount over $4000?
