My daughter completed her sophomore year in college in 2011. It appears the Lifetime Learning Credit will provide the biggest tax credit for teh 2011 tax year filing.
In 2012 for her junior year, it appears that the American Opportunity Credit will provide the largest credit. For the 2012 filing, will she be able to switch to the American Opportunity Credit from the Lifetime Learning Credit, or will she be committed to the Lifetime Learning Credit since it was the first credit she used?
If the American Opportunity Credit is phased out in 2013 (her senior year), would she again be able to switch back the the Lifetime Learning Credit (if she ended up switching in 2012)?
This will be the first time applying for an education credit, so I want to make sure I start her off on the right track. Thanks