I am helping my son prepare his 2024 tax return using TurboTax Deluxe. We are presenting with a question on the following screen:
When we click on Education Credits on this screen, we go to a page that discusses American Opportunity Credit and Lifetime Learning Credit. My son has never received American Opportunity credits, only Lifetime Learning Credits, so should we answer "No"?
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Yes, if your son has never received the American Opportunity Tax Credit, he should answer no on this screen. This question is asked because there is a limit to how many times you can claim the American Opportunity Tax Credit. There is no limit to the Lifetime Learning Credit.
You mentioned that your son has claimed education credits in previous years. Even though your son has never claimed the American Opportunity Credit before, he may not qualify if he's already completed his first four years of college.
Yes, if your son has never received the American Opportunity Tax Credit, he should answer no on this screen. This question is asked because there is a limit to how many times you can claim the American Opportunity Tax Credit. There is no limit to the Lifetime Learning Credit.
You mentioned that your son has claimed education credits in previous years. Even though your son has never claimed the American Opportunity Credit before, he may not qualify if he's already completed his first four years of college.
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