How to Claim the American Opportunity Tax Credit (AOTC) on Form 8863
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- เผยแพร่เมื่อ 13 ก.พ. 2022
- Other Form 8863 videos on the AOTC and Lifetime Learning Credits:
- Lifetime Learning Tax Credit: • How to File IRS Form 8...
- American Opportunity Tax Credit: • IRS Form 8863 Tutorial...
- AOTC for Two Students: • IRS Form 8863 Tutorial...
- AOTC for One Student: • $2,500 American Opport...
- AOTC for 2022 Tax Year: • How to File Form 8863 ...
- LLC for 2022 Tax Year: • How to File IRS Form 8...
- AOTC for 2021 Tax Year: • How to Claim the Ameri...
Students and their parents are generally eligible to claim either the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Tax Credit via Form 8863 on their Form 1040.
In this video, I cover the American Opportunity Tax Credit and how a single filing taxpayer claims the credit on their tax return. Be sure to have your IRS Form 1098-T in front of you to verify the amount of tuition paid during the year.
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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#AOTC #Form8863 #EducationTaxCredit
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For a 2022 updated version: th-cam.com/video/67z5Yzl2tzI/w-d-xo.html
Your explanation helped me get down from owing over 2 grand to actually having my first refund ever. Thank you so much for the clear explanation!
Glad it was helpful!
thank you so much for taking time to record this video! saved me money, and less stress!
You're welcome!
Excellent Teacher, even some CPA do not get this. And Jason explains things very well !!!
Could u pls show an example of multiple children getting AOTC and LLC at the same year? Thank you!
Thank you so much for line by line explanation.
You're welcome. Thank you for watching!
Thank you for your tutorial!! I knew I had filled out ours wrong and was struggling. I appreciate you!!
You are so welcome!
Whoo hoo! I finally understand this!! Thank you! Refundable/non-refundable and where it shows on the forms -- finally got it!
Thanks for this video! Very difficult computation, this video helps!
You're welcome!
Outstanding tutorial. I am so glad I found your post.
Glad it was helpful. Thank you for the support!
Thank you. I appreciate you. I am now a subscriber. Have a great day.
Thanks for the sub!
What if the student received financial aid for the tuition?
Love the video. Great explanation Thank you 🙏
You're welcome!
Great explanation! How does this computation change when the amount of tuition paid is less than $4000? Am I still able to claim the AOTC?
Who is eligible to claim the max credit of 4,000? Using your example, what if Johns tuition was paid for by scholarships and grants then would his expenses be considered “unqualified” or would the 4000 credit still be applicable?
Hi. Great video. You really explain this in very simple terms and I appreciate that. I have a question. My daughter is in college and did not qualify for the 2022 AOTC because of scholarships. She does qualify for the 2021 AOTC. I have always filed electronically. Can I file the 2021 1040X and add form 8863?
What if your scholarships/grants are more than your qualified expenses?
Does the student need to provide proof that the student paid for the tuition himself/ herself in order to qualify for AOTC? Ask differently, if a parent paid for the tuition and even if the student was not claimed as a dependent on the parent’s return, the student would not be qualified for AOTC, correct?
So if people pay tuition with the financial aid / student loan money, how does it work? No credits allowed? TIA!
Thank you
You're welcome!
I received my return but haven received a hard copy of the 1098-T from year 2019 and 2020, I filed the 1040ez through TaxAct but did not know what the 109-T was, so I didn't claim it, I found out I have the electronic version that wasn't mailed to me on the College porter just yesterday. How can I claim from 2019 to 2021 the AOT now?
If you want to back and claim either the AOTC or the Lifetime Learning Credit, you'll have to file an amended Form 1040-X for those years.
What if the student is unemployed? And filing for themselves. Does she have to write $90,000 on part1 no.1 ? Or can she leave if blank?
Thank you
Hi - I’ve been in the country for almost 6 YEARS and now I’m a international student. Last year, a taxer filled a form for me for AOTC. And for this year, am I also eligible?
i think you get 4 years total
Thank you for this video. Can my son, who is 20 yo, 2nd year college student, earn during Sumer $3,300 file taxes with my husband and I? Where I do report this income?
what about International Graduation students?
Can they claim any returns based on their educational costs?
Generally no. International students in the U.S. on a student visa are generally classified as nonresidents for federal tax purposes. A nonresident alien individual is not permitted to claim the education tax credits, unless the individual makes an election to be treated as a resident alien.
Hello Jason, I am taking classes to get my second degree and I paid my all tuition. Am I qualified for these kind of tax credit?
It depends upon whether the AOTC was already claimed in prior years.. A student can only claim it for 4 years, so most graduate or second degree students are ineligible for that reason. The other option is to claim the Lifetime Learning Credit which can be claimed for an unlimited number of years, so long as you meet all of the other requirements.
Do you have to pay back the money you get from AOTC? My dad is low income making $36, 000 every year and gets tax money back; so is filing the AOTC worth it even?
I'm only 17 but that made a little bit of sense. My dad says he gets money back because he is low income. But, he says someone he knows that makes $7,000/month has to pay the IRS $6,000 simply because he "makes too much money". Is that even a thing? The amount of taxes you earn is determined by if the taxes you paid per month were overestimated or underestimated isn't that right?
You do not have to pay it back. It is worth it. One of you (either you or your dad) could get an extra 1,000 on your tax refund.