topic Do I qualify for the American Opportunity Credit or not? in Deductions & credits

Do I qualify for the American Opportunity Credit or not?

alex-k — Fri, 26 Mar 2021 22:13:20 GMT

The wording on the IRS site and the questions on Turbotax cause me confusion.

I've been in college for more than 4 years but I haven't earned my bachelor's degree yet.

Turbotax says I qualify for it because, "You didn't earn four years of college credit before the current tax year, even if you attended college for four years or more".

The IRS says you qualify if, "Not have finished the first four years of higher education at the beginning of the tax year"

So what is it? Do I qualify because I haven't earned 4 years worth of college credit but have been in school for longer than 4 years OR I don't qualify because I have been in school for longer than 4 years?

Re: Do I qualify for the American Opportunity Credit or not?

xmasbaby0 — Fri, 26 Mar 2021 22:19:58 GMT

The number of years you have been in college does not matter. What matters is that you have not yet earned a bachelor's degree. (graduate students cannot use the AOC---only students pursuing an associate or bachelor degree can use the credit) And you are allowed to use the AOC a total of four times ----if you were ever claimed as someone else's dependent and they used the AOC on their return when you were claimed, that counts. So if anyone has claimed you as a dependent during any of the time you have been a college student you need to find out if they used that credit. It can be used for YOU---with your Social Security number as the student----a total of four times.

https://ttlc.intuit.com/questions/3262983-who-is-eligible-to-take-the-american-opportunity-tax-credit

Re: Do I qualify for the American Opportunity Credit or not?

alex-k — Fri, 26 Mar 2021 22:25:03 GMT

Thanks so much for the clarifying! I was about ready to amend my taxes because I thought I claimed it wrongfully but I qualify due to not having a Bachelor's.