College expense deduction

Gifted1221 — Fri, 17 Apr 2020 18:47:06 GMT

How many times in a fiur year college degree can you apply for the American Opportunity Credit and my son had a 1098-T form line 1 - 42,240 and line 5 - 25,257. As a parent I paid 6,633 dollars toward his tuition, why do I not qualify in turbo tax for a tax credi.

Re: College expense deduction

JotikaT2 — Fri, 17 Apr 2020 19:08:29 GMT

The American Opportunity Credit can only be claimed four times per student, or essentially on four tax returns.

Once it has been claimed for four years, you can no longer claim it for that student.

Chart comparing credits

If you have not claimed it for all 4 years yet, you can edit your information for your student as follows:

Go to the Federal interview section.

Select "Deductions & Credits"
Select "Expenses and Scholarships (Form 1098-T)" and click start/edit
When you see Your Education Expenses Summary, select Edit to the right of your name.  You will see the following screen:

Select Edit to the right of Education Information.

You will be able to edit the number of years the American Opportunity Credit has been taken in this section if it is not correct.

topic College expense deduction in Deductions & credits

College expense deduction

Re: College expense deduction