Can you claim American Opportunity credit without a 1098-T?
Can you claim American Opportunity credit without a 1098-T?
For most taxpayers, you need to receive Form 1098-T in order to claim the American Opportunity Credit or Lifetime Learning Credit. If you don’t have a 1098-T but you know the amount of tuition paid to the college you can enter that amount on the Additional Tuition Expenses screen.
How are qualified education expenses calculated?
If you have an amount in Box 1 of Form 1098-T and there is no amount in Box 5, then your qualified expenses would be that amount plus any other qualifying expenses such as books and supplies. If you have an amount in Box 1 and also have an amount in Box 5, you must subtract Box 5 from the amount in Box 1.
How do I know if I claimed the American Opportunity credit?
Where can I find out how many years of the American Opportunity Credit I have claimed?
- Click Federal in the left pane.
- Click Deductions & Credits tab.
- Under All tax breaks, click the button next to Education.
- Click the button next to Expenses and Scholarships (Form 1098-T)
How can I get 1000 back in taxes for college?
What is the American Opportunity Tax Credit (AOTC)? The AOTC is a tax credit worth up to $2,500 per year for an eligible college student. It is refundable up to $1,000, which means you can get money back even if you do not owe any taxes. You may claim this credit a maximum of four times per eligible college student.
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