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 so what if i filed for this form but got a letter in the mail that i already used 4 years? it says to file 1040x but not sure where to get rid of the deduction for this.
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?
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?
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?
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.
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?
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?
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?
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.
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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!
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 taking time to record this video! saved me money, and less stress!
You're welcome!
What if the student received financial aid for the tuition?
Whoo hoo! I finally understand this!! Thank you! Refundable/non-refundable and where it shows on the forms -- finally got it!
Thank you so much for line by line explanation.
You're welcome. Thank you for watching!
Outstanding tutorial. I am so glad I found your post.
Glad it was helpful. Thank you for the support!
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?
So if people pay tuition with the financial aid / student loan money, how does it work? No credits allowed? TIA!
Thanks for this video! Very difficult computation, this video helps!
You're welcome!
Thank you for your tutorial!! I knew I had filled out ours wrong and was struggling. I appreciate you!!
You are so welcome!
hi so what if i filed for this form but got a letter in the mail that i already used 4 years? it says to file 1040x but not sure where to get rid of the deduction for this.
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 your scholarships/grants are more than your qualified expenses?
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?
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?
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?
Thank you. I appreciate you. I am now a subscriber. Have a great day.
Thanks for the sub!
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.
Love the video. Great explanation Thank you 🙏
You're welcome!
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
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?
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
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.
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.
Thank you
You're welcome!