Hi, I have questions regarding American Opportunity Credit, College loans. Below is my information to support my questions. -My wife and I filling status is married. -Our son started his freshman year Aug 2017 at a 4 year university. -he lived at home 8.5 months -he made about $1,400 in 2017. -my wife and I paid about $1,100 of his initial fees and books. -my son got the government loan for about $6,500 -he also got a student loan for about $23,000 -both loans are cosigned by my wife. -paid no interest or payments toward either loan in 2017. -he received about $13,000 in merit discounts/scholarships from the University. -All scholarships received was from the University. Question 1. Can we claim him on our taxes? a. he live at home for more than 8 months b. he only made $1,400. c. we paid for car and medical insurance, food, and a roof over his head. d. But for 3.5 months, he lived off his college loan for room, board, and tution. which is about $10,000 during 2017. e. I am hoping to claim the $1,100 for fees and books I provided on my taxes. 2. He received a 1099-T a. Since he is the primary on the loan, I assume the 1099-T info needs to be entered on his tax filing. b. But, since he made about $1,400, he is not able to take advantage of the $2,500 American opportunity Credit. 3. Is there a method to claim the $2,500 American Opportunity Credit on my wifes and I tax filling? Looking forward to response.
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