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IRS: How to claim the American Opportunity Tax Credit

As Americans across the country wrap up the tax season with just over a month left, many are looking for credits and deductions to file with the IRS.

tax return form you can use to file credits and deductions with the irs for a refund

One relatively common one is the American Opportunity Tax Credit, or AOTC.

This credit is for students who qualify to pay for education expenses during the first four years they attend college.

The maximum you can claim is $2,500, and $1,000 of that is refundable if it brings owed taxes down to $0.

Filing an extension for your tax return

Eligibility for the IRS’ American Opportunity Tax Credit

Students need to be working toward a degree and be going to school at least half time during a trimester, semester, or quarter.

In order to claim the credit, you may not have claimed it over the previous four years.

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Your first four years of higher education may not be finished yet.

If you have a felony drug conviction you aren’t eligible.

In order to claim this credit, you must file Form 1098-T, Tuition Statement.

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