The TEACH Grant should have been reported on the Form 1098-T as a non-taxable Scholarship or Grant. Entering this in the Education Expense interview will result in the program reducing your qualified educational expenses by the amount of the grant.
Any educational expenses paid with non-taxable scholarships or grants do not qualify as educational expenses paid by you for purposes of Education Tax Credits.
From the IRS website at:
https://www.irs.gov/Individuals/Qualified-Ed-Expense
Expenses Cannot Be Paid with Tax-Free Funds
You cannot claim a credit for education expenses paid with tax-free funds. You must reduce the amount of expenses paid with tax-free grants, scholarships and fellowships and other tax-free education help.
If, in the future, the TEACH Grant is converted to a Federal Student Loan then you MAY be able to amend your 2015 return to claim the American Opportunity Credit. That depends on when the grant is converted to a loan, since there is a 3-year time limit to file amended returns. If converted, you would be able to take the student loan interest deduction for any interest paid.
