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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 11553
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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If a student graduated gh School in 2011 and started College

Customer Question

if a student graduated High School in 2011 and started College in Sept 2011
attended college 2011-2012-2013-2014 and graduated in spring of 2015
Question -- for what four tax years can the American Opportunity Credit be used
thank you ***@******.***
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi Bill,

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Hi - I hold a JD (Juris Doctorate, a doctoral degree in the law), concentration in Tax Law & Corporate law, an MBA (specialization in finance & tax), and BBA from Mercer University’s Stetson School of Business and Economics, as well as CFP® and CRPS designations.

I can help here

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The American opportunity tax credit can be claimed for expenses for the first four years of post-secondary education.

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So, based on your example the credit would be available for all four years

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The American opportunity tax credit, which expanded and renamed the already-existing Hope scholarship credit, expanded the credit from two to four years.

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Please let me know if you have questions

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Lane

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Expert:  Lane replied 1 year ago.

By the way here's an excellent Q&A on the credit, from IRS: https://www.irs.gov/uac/American-Opportunity-Tax-Credit:-Questions-and-Answers

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Also, once you've used the American Opportunity Credit for those first four years (which is a $2500 credit that is 40% refundable - meaning that even if the person using the credit has no tax liability it can still generate a $1000 refund) you can still use the Lifetime learning credit after that (no limit on the years used).

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The lifetime learning credit is a 2000 credit but non-refundable (you must have an income tax liability to use it AGAINST)

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Hope this has helped...Let me know if you have questions.

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If this HAS helped, (and you don’t have additional questions on this), I'd really appreciate your positive rating … (by using the stars on your screen) … … That’s the only way I'll be credited a portion of what you've paid JustAnswer.

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Thank you,

Lane