American opportunity credit who is eligible

The IRS may also charge you an accuracy or a fraud penalty. Or, you can be banned from claiming the AOTC for two to ten years. You may not claim the AOTC unless you, your spouse if you are filing a joint return and the qualifying student have a valid taxpayer identification number TIN issued or applied for on or before the due date of the return including extensions.

You may not claim the AOTC on a later original return or an amended return if the TIN is issued on or applied for after the due date of the return including extensions. If you file Form , you add the following amounts to your AGI:. Return to Education Credits home page. American Opportunity Credit. Need-to-Knows for College Grads. Lifetime Learning Credit. The list is here. All backed by tons of nerdy research.

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Room and board, medical expenses, and insurance do not qualify, nor do any qualified expenses paid for with plan funds. Terms for the tax credit include student enrollment status and income limitations.

Expenses associated with the AOTC cannot be used with any other tax breaks that may also apply. Article Sources.