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Can I claim the American Opportunity Tax Credit?

Posted on 1/13/15 at 9:12 am
Posted by Tigerfan56
Member since May 2010
10520 posts
Posted on 1/13/15 at 9:12 am
IRS says you have to be a student in your first 4 years. I don't know if that means a student in undergrad or what. I graduated in May of 2014, but that was my fifth year of college (switched majors and it added a year)
Posted by anc
Member since Nov 2012
18006 posts
Posted on 1/13/15 at 9:14 am to
Have you claimed it for four years prior? If not, you should be fine since you received your bachelor's degree.
Posted by Tigerfan56
Member since May 2010
10520 posts
Posted on 1/13/15 at 9:15 am to
I have not claimed it. My parents have claimed it, though, (they paid tuition for me) so I'm not sure how that works.
Posted by LSUFanHouston
NOLA
Member since Jul 2009
37034 posts
Posted on 1/13/15 at 9:17 am to
It is for expenses paid in the first four years.

quote:

For the American opportunity tax credit, an eligible student is a student who: (1) is enrolled in a program leading toward a degree, certificate or other recognized post-secondary educational credential; (2) has not completed the first four years of post-secondary education as of the beginning of the taxable year; (3) for at least one academic period is carrying at least ½ of the normal full-time work load for the course of study the student is pursuing; and (4) has not been convicted of a felony drug offense.
Posted by Poodlebrain
Way Right of Rex
Member since Jan 2004
19860 posts
Posted on 1/13/15 at 9:39 am to
I don't think the credit is only for the first 4 years of undergraduate work. It is available for any 4 tax years until an undergraduate degree is earned. The 4 years do not have to be consecutive. Subtle difference, but could be determinative for OP.
Posted by LSUFanHouston
NOLA
Member since Jul 2009
37034 posts
Posted on 1/13/15 at 10:51 am to
The quote above comes right from the IRS Q&A for the AOTC.

I agree the four years don't have to be consecutive.

I've seen it done by other CPAs where they claim the credit until the credit has been claimed for four years provided it's all undergrad.

OP, check with your parents to see if/when they claimed it.
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