topic American Opportunity Tax Credit in Education

American Opportunity Tax Credit

cwarren73 — Sun, 02 Feb 2020 00:33:18 GMT

I accidentally clicked on the option that I had not received this credit 4 times in the last 4 years when in fact I have claimed it 2015-2019. My tax return was already accepted and is on it's way. Do I just hang on to the money and send the IRS a check for the amount of the credit with the amended tax return when that form is available?

Re: American Opportunity Tax Credit

BarbaraW22 — Sun, 02 Feb 2020 01:25:16 GMT

Yes, when you receive your refund, it would be a good idea to save the amount you receive for the American Opportunity Credit because you will likely have to pay most of it back. You will need to prepare an amended tax return to determine the exact amount you will owe back.

You may be eligible for the Lifetime Learning Credit since you do not qualify for the American Opportunity Credit. TurboTax will help you determine if you are eligible for this credit. Here are the requirements to claim the Lifetime Learning Credit:

You (or your dependent or a third party) paid qualified education expenses for higher education
You paid the education expenses for an eligible student
The eligible student is you, your spouse, or a dependent you claim an exemption for on your tax return

Once your tax return is accepted, you can prepare an amended tax return by following these steps:

Log into TurboTax and click on "Tax Home"
Scroll down to Your tax return & documents (you may need to select Show), select 2019 and then Amend (change) return.
Select Amend using TurboTax Online

Please see this TurboTax article for more information on the Lifetime Learning Credit.

Re: American Opportunity Tax Credit

Yesi1115 — Sat, 08 Feb 2020 18:19:13 GMT

Hi any update on this? I think something similar happened to me

Re: American Opportunity Tax Credit

Hal_Al — Sat, 08 Feb 2020 18:31:46 GMT

@Yesi1115 - The answer remains the same.