I'm in my 6th year in a 4-year program. No degree yet, but I've been at senior status since 2015. How should I answer: Earned Four Years of College Credit Before 2016?

[wheeler4ce]

I reached senior status officially two years ago in 2015, but I will not be graduating and earning my degree until this May. Should I say yes to the tax question: Had You Earned Four Years of College Credit Before 2016?

[MichaelMc · Accepted solution]

I am assuming that your question is being asked in the context of qualification for the  American Opportunity Tax Credit. If you are in your sixth year of undergraduate studies, and have been classified by your educational institution as a senior since 2015, it appear that you must have been enrolled at least half-time in four or more years. If that is correct, then you have exhausted your allowable four years of qualification for the AOTC. Additionally, I would expect that, if enrolled at least half-time, you would have actually taken the AOTC in four of those years, thereby obtaining the maximum allowable benefit under that particular credit.

I would suggest that you consider your qualification for the Lifetime Learning Credit, which can be taken for as many years as the student remains qualified.

To be eligible for the Lifetime Learning Credit (LLC), the student must: 

• Be enrolled or taking courses at an eligible educational institution;
• Be taking higher education course or courses to get a degree or other recognized education credential or to get or improve job skills; and
• Be enrolled for at least one academic period beginning in the tax year.

[wheeler4ce]

Thank you for this information, Michael! This was helpful.