topic How do I claim the American opportunity credit? in Education https://ttlc.intuit.com/community/college-education/discussion/how-do-i-claim-the-american-opportunity-credit/01/1914664#M37532 Sat, 13 Feb 2021 03:23:43 GMT bmcdonald004 2021-02-13T03:23:43Z How do I claim the American opportunity credit? https://ttlc.intuit.com/community/college-education/discussion/how-do-i-claim-the-american-opportunity-credit/01/1914664#M37532 Sat, 13 Feb 2021 03:23:43 GMT https://ttlc.intuit.com/community/college-education/discussion/how-do-i-claim-the-american-opportunity-credit/01/1914664#M37532 bmcdonald004 2021-02-13T03:23:43Z Re: How do I claim the American opportunity credit? https://ttlc.intuit.com/community/college-education/discussion/re-how-do-i-claim-the-american-opportunity-credit/01/1914850#M37534 <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><STRONG>If have paid qualified education expenses including a tuition amount, you should have received a Form 1098-T.&nbsp; To claim the credit, here are the steps:</STRONG></SPAN></SPAN></P><P>&nbsp;</P><P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#2d3338">In TurboTax online,</SPAN></SPAN></SPAN></P> <UL> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Sign in to your account, select&nbsp;<STRONG>Pick up where you left off</STRONG></SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">At the right upper corner, in the search box, type in "<STRONG>1098t</STRONG>" and Enter</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Select&nbsp;<STRONG>Jump to 1098t</STRONG></SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Follow prompts</SPAN></SPAN></LI> </UL> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">The American opportunity tax credit AOTC allows taxpaying students or their parents the opportunity to reduce the cost of attending college. The credit typically offers greater tax savings than other education related tax benefits.&nbsp; It is because&nbsp;it reduces the tax you owe on a dollar-for-dollar basis rather than just reducing the amount of income subject to tax. However, there are several requirements for eligibility.&nbsp; For more information, click here:&nbsp;<A href="https://turbotax.intuit.com/tax-tips/college-and-education/what-is-the-american-opportunity-tax-credit/L1Mzj4ybX" target="_blank">AOTC</A></SPAN></SPAN></P> Sat, 13 Feb 2021 04:12:33 GMT https://ttlc.intuit.com/community/college-education/discussion/re-how-do-i-claim-the-american-opportunity-credit/01/1914850#M37534 LinaJ2020 2021-02-13T04:12:33Z Re: How do I claim the American opportunity credit? https://ttlc.intuit.com/community/college-education/discussion/re-how-do-i-claim-the-american-opportunity-credit/01/1915548#M37546 <P>There's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans &amp; grants. You usually must have actually paid tuition, not had it paid by scholarships &amp; grants.&nbsp;<STRONG> It is usually best if the parent claims that credit.&nbsp; </STRONG></P> <P>You cannot claim a credit if you are, or can be, claimed as a dependent by someone else.</P> Sat, 13 Feb 2021 13:24:46 GMT https://ttlc.intuit.com/community/college-education/discussion/re-how-do-i-claim-the-american-opportunity-credit/01/1915548#M37546 Hal_Al 2021-02-13T13:24:46Z
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Re: How do I claim the American opportunity credit?
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<P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><STRONG>If have paid qualified education expenses including a tuition amount, you should have received a Form 1098-T.&nbsp; To claim the credit, here are the steps:</STRONG></SPAN></SPAN></P><P>&nbsp;</P><P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#2d3338">In TurboTax online,</SPAN></SPAN></SPAN></P> <UL> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Sign in to your account, select&nbsp;<STRONG>Pick up where you left off</STRONG></SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">At the right upper corner, in the search box, type in "<STRONG>1098t</STRONG>" and Enter</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Select&nbsp;<STRONG>Jump to 1098t</STRONG></SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Follow prompts</SPAN></SPAN></LI> </UL> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">The American opportunity tax credit AOTC allows taxpaying students or their parents the opportunity to reduce the cost of attending college. The credit typically offers greater tax savings than other education related tax benefits.&nbsp; It is because&nbsp;it reduces the tax you owe on a dollar-for-dollar basis rather than just reducing the amount of income subject to tax. However, there are several requirements for eligibility.&nbsp; For more information, click here:&nbsp;<A href="https://turbotax.intuit.com/tax-tips/college-and-education/what-is-the-american-opportunity-tax-credit/L1Mzj4ybX" target="_blank">AOTC</A></SPAN></SPAN></P>
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Re: How do I claim the American opportunity credit?
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<P>There's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans &amp; grants. You usually must have actually paid tuition, not had it paid by scholarships &amp; grants.&nbsp;<STRONG> It is usually best if the parent claims that credit.&nbsp; </STRONG></P> <P>You cannot claim a credit if you are, or can be, claimed as a dependent by someone else.</P>
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