IRS Form 8863 Tutorial - Claim the American Opportunity Credit and Lifetime Learning Credit

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 a scenario where the taxpayers can claim both the American Opportunity Credit and Lifetime Learning Credit.
The parents have one daughter in college who is a full time student eligible for the AOTC, while one of the parents is taking some additional classes as a nondegree seeking student.
The AOC is a maximum credit of $2,500 per student, and it can only be claimed for 4 years for each student. Once the student has claimed the AOTC for all four years, they may still be eligible to claim the Lifetime Learning Credit if they continue to take classes in higher education.
For married filing joint taxpayers, the AOTC is not available if their modified AGI exceeds $180,000 for the year. If their AGI is between $160,00 and $180,000 for the year, the credit is available but subject to a reduction.
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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.
#Form8863 #Tuition #TaxCredit

[@finessekid8986]

Thanks you help me max out this year thanks

[@Gelta3333]

Thank you for your videos.

[@JasonDKnott]

Glad you like them!

[@nurselita3541]

Hi, where did you get that Credit Limit Worksheet? The one in i8863 only has 7 lines.

[@RyJsLn]

So question 23 says if I claimed the AOC once, I can't claim it again? The next three years have to be the Lifetime Learning Credit instead? But I thought you could claim the AOC up to 4 times? I'm confused on this point.

[@kirbyak255]

Line 23 is asking if you've already claimed it 4 prior times, not if you've ever claimed it in the past 4 years. The wording is a bit confusing