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.
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.
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.
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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