American opportunity credit

saud-alshaikh — Mon, 03 Jun 2019 18:47:51 GMT

hi based on the criteria for the american opportunity credit i should be eligible for the credit. is there anyway to delve into this

It depends on your exact circumstances. I will provide so...

AndreaG — Mon, 03 Jun 2019 18:47:53 GMT

It depends on your exact circumstances. I will provide some information that hopefully can help you gain insight into your situation. However, if this information doesnt address your situation, please provide additional information so that I can better address your concerns.

Whether you receive an education tax benefit depends on whether you meet all of the requirements to claim the benefit.

If you qualified for the benefit then it depends on:
the amount of your qualified education expenses
the amount of your taxable income, if any
the amount of your tax liability, if any

Although the American Opportunity credit is a partially refundable credit, generally, education benefits will either reduce your taxable income or reduce your tax liability. Please refer to the following FAQ for additional clarification about your tax liability. https://ttlc.intuit.com/replies/4488009

Additionally, qualified education expenses are reduced by any tax free assistance that you receive such as scholarships. According to page 13 of Pub 970,under the heading, "no double benefit allowed", you cant "claim a credit based on qualified education expenses paid with tax free educational assistance such as a scholarship, grant, or assistance provided by an employer." For additional information, also refer to page 13 of Pub 970, under the heading, "tax free educational assistance" for more information. https://www.irs.gov/pub/irs-pdf/p970.pdf

If you were able to claim any of these education benefits, you will be able to see that on your tax return.

If you filed a Federal Form 1040:

line 34- tuition and fees deduction
line 50 - education credits [this line item is used to report the lifetime learning credit and the nonrefundable portion of the American opportunity credit]
line 68-American opportunity credit [this line item is used to report the refundable portion of this credit]

If you filed a Federal Form 1040A:

line 19- tuition and fees deduction
line 33- education credits [this line item is used to report the lifetime learning credit and the nonrefundable portion of the American opportunity credit]
line 44- American opportunity credit [this line item is used to report the refundable portion of the credit]

To review the entries on your Form 1040:

Log in to your Turbo Tax account
click on "take me to my return"
Click on "my account" tab at the very top of the screen
Click on "tools"
Click on "view tax summary"
Click on "preview my 1040". This is part of a narrow white bar at the very top of the screen
When your 1040 form appears, you will be able to scroll through and look at the individual line items.
Click the "back" button when you want to return to your main Turbo Tax screen. The back button is part of a narrow white bar at the very top of the screen.

topic American opportunity credit in Education

American opportunity credit

It depends on your exact circumstances. I will provide so...