Have a Tax Question? Ask a Tax Expert
The AEOC has to be offset by any other education assistance
If he has a scholarship in excess of the tuition amouinty then he will not get the credit
sorry for the typo (tuition "amount")
Here's the IRS guidance:
How much is the American opportunity tax credit worth?
A. It is a tax credit of up to $2,500 of the cost of tuition, fees and course materials paid during the taxable year. Also, 40% of the credit (up to $1,000) is refundable. This means you can get it even if you owe no tax.
TUition fees and course materials
so if the tuition is being covered by the scholarship, he's not leigible
ON thought, if you can get books, lab supplies, software and other class materials that can qualify for the tax credit, you may be able to get a partial credit - if these PLUS the tuition and fees end up being more than the scholarship
Gosh, I just caught something else (and this is the MOST important piece) if you listed Barry's birth year correctly that makes him 32 YEARS OLD
She shouldn't be claiming his as a dependant anyway, unless therare disability issues
I still don't see you coming into the chat ... I'll move us to the "Question and Answer" mode ... maybe hat will help
(We can still continue a dialogue there, just not in real-time as we can here)
I need to speak personally with the advisor. I can be43 called on(NNN) NNN-NNNN My SPECIFIC were not answered to my satisfaction.
Yes, Barry, the student should do his own return,
and yes, the tax credit (if he were eligible based on age), would be limited (effectively erased) by the scholarship
...would appreciate your updating the rating.
But if you need more on this, let me know.