It appears from the information yon you provided you would be available to receive the credit. Some things to double check.
Have you claimed the AOC for 4 years?
If you are claiming the Lifetime Learning, check the income phase out.
Listed below are all the requirements for your review-
For the American Opportunity Credit:
Who can claim the credit?
You can claim the American Opportunity credit for qualified education expenses you pay for a dependent child as well as for expenses you pay for yourself or your spouse. If you have several students in your family, you can claim multiple credits based on the expenses of each student.
- For example, if you have three kids in college, you can claim up to $7,500 ($2,500 x 3) in American Opportunity credits.
The credit is not allowed for a student who has completed the first four years of post-secondary education as of the beginning of the year. So, if your child completed less than four years of college as of January 1, 2020, you can claim the credit on your 2020 return.
- You can only claim the credit for a year during which the student carries at least a half-time course load for a minimum of one semester beginning in that year.
- Additionally, the student must be enrolled in a program that leads to an associates or bachelors degree or some other recognized credential.
The American Opportunity credit is phased out if your modified adjusted gross income (MAGI) exceeds certain levels. (MAGI is adjusted gross income plus certain tax-free income from sources outside the United States.)
- For 2020, the MAGI phase-out range for unmarried individuals is $80,000 to $90,000.
- The MAGI phase-out range for married couples filing jointly is $160,000 to $180,000.
- Regardless of your income, you are not eligible if you use married filing separate status.
For Lifetime Learning-
The Lifetime Learning tax credit can help cover undergraduate costs for a student who is not eligible for the American Opportunity credit because they're carrying a limited course load or already have four years of college credit. Additionally, the Lifetime Learning credit can also help cover the cost of graduate school and of courses taken to maintain or improve job skills.
You can claim the Lifetime Learning credit for qualified education expenses you pay for a dependent child as well as for yourself or your spouse.
- The maximum amount of covered expenses is $10,000 no matter how many students you have.
- This translates into a $2,000 maximum credit ($10,000 X 20%).
Qualified expenses include tuition and mandatory enrollment fees at an eligible institution. Books and course materials can also count, but only if you are required to purchase them directly from the school. Other expenses, such as optional fees and room and board, do not qualify.
Warning: You can’t claim both the American Opportunity credit and the Lifetime Learning credit for the same student for the same year. However, you can potentially claim the American Opportunity credit for one or more students and the Lifetime credit for up to $10,000 of qualified expenses for other students in your family.
Income phase-out rule
Like the American Opportunity credit, the Lifetime Learning credit is phased out if your modified adjusted gross income (MAGI) exceeds certain (much lower) levels.
- For 2020, the MAGI phase-out range for unmarried individuals is $59,000 to $69,000.
- The MAGI phase-out range for married couples filing jointly is $118,000 to $138,000.
- Regardless of your income, you are not eligible if you use married filing separate status.
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