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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2583
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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At this time I'm doing a online certificate and well

Customer Question

Hello , at this time I'm doing a online certificate and well I will fill out my income tax for this year ,but there is possible to take advantage of the American tax credit opportunity because I need money to cover the spends of my illness and unfortunately, I lost my job,
Submitted: 9 months ago.
Category: Finance
Expert:  emc011075 replied 9 months ago.
Hi. My name is ***** ***** I will be happy to help you. Were you a full time student in 2015 and received 1098T for your tuition?
Customer: replied 9 months ago.
YES I received 1098 and well now I will take advantage of the American Credit Opportunity
Expert:  emc011075 replied 9 months ago.
If you were a full time student for at least 1 full semester you may qualify for the credit. To take a full advantage of the credit you will need at least $4000 of qualifying tuition (box 1 or 2 minus box 5) and have at least 15K of taxable income. Part of the credit is refundable, meaning you can still get $1000 even if you didn't have any taxable income.
Expert:  emc011075 replied 9 months ago.
Here are additional requirements: Be pursuing a degree or other recognized education credentialBe enrolled at least half time for at least one academic period* beginning in the tax yearNot have finished the first four years of higher education at the beginning of the tax yearNot have claimed the AOTC or the former Hope credit for more than four tax yearsNot have a felony drug conviction at the end of the tax year
Customer: replied 9 months ago.
so it is possible right,because right now Im doing an online certificate and I would like to claim the 1000,and use this money for my health
Expert:  emc011075 replied 9 months ago.
What type of online certificate are you doing? You have to be working towards a degree, like associate or bachelors offered by an accredited university.
Customer: replied 9 months ago.
well the certificate graduate ,because Im finish with my BS
Expert:  emc011075 replied 9 months ago.
If you already completed your 4-year bachelors degree than you do not qualify. You can only claim the credit for the first four years of higher education, meaning your first bachelors degree.
Expert:  emc011075 replied 9 months ago.
You can still qualify for the lifetime learning credit but the credit only reduces your taxable liability to 0. It is not a refundable credit.
Customer: replied 9 months ago.
and there is not another credit which I can qualify?
Expert:  emc011075 replied 9 months ago.
There are two education credits and one deduction but only the American opportunity credit is refundable, meaning you can get a refund even if you didn't have any taxable income or withholding. Lifetime learning credit and tuition and fees deduction only eliminate your taxable income so the only credit you get will be your witholdings.
Expert:  emc011075 replied 9 months ago.
Any questions? Is there anything else I can help you with today?
Customer: replied 9 months ago.
well I would like to ask for another question if there is possible?
Expert:  emc011075 replied 9 months ago.
What's your question?
Customer: replied 9 months ago.
is regarding about my student debt
Expert:  emc011075 replied 9 months ago.
let's see if I can help..
Customer: replied 9 months ago.
well I would like to know how can I reduce my debt ,if theire is possible to refinance ?
Expert:  emc011075 replied 9 months ago.
That's a questions for a financial advisor. Depending on your situation you may qualify for some financial help. I am sorry, I cannot help you with this.
Customer: replied 9 months ago.
well , thank you for your help.blessings