Can I claim American Opportunity Credit for previous years?

The American Opportunity Credit can be claimed for up to 4 tax years while you are an undergraduate student working toward a degree in the first 4 academic years. You said in your post you claimed the American Opportunity and Lifetime Learning Tax Credit but you can only claim one of the credits in any tax year.

Who qualifies for refundable American Opportunity Credit?

To be eligible for AOTC, the student must: Be pursuing a degree or other recognized education credential. Be enrolled at least half time for at least one academic period* beginning in the tax year. Not have finished the first four years of higher education at the beginning of the tax year.

Is AOC refundable credit?

Your American Opportunity credit is 40% refundable. That means a portion of the credit will be refunded to you even if you don’t owe any federal income tax.

How much of the American Opportunity tax credit is refunded?

If the amount of the American opportunity tax credit for which you’re eligible exceeds your tax liability, the excess will be refunded to you up to the lesser of 40 percent of the credit or $1,000.

What do you need to know about the American opportunity credit?

Qualifying for the American Opportunity Credit. Taxpayers can claim the AOC themselves or their dependents if the student is enrolled at least half-time in a college, university, or other accredited post-secondary educational institution. The student must be pursuing a degree or education credential.

Can You claim the American opportunity credit for Graduate School?

Comparing the American Opportunity Credit to Other Tax Breaks. The LLC is available for any post-secondary education including graduate school or undergraduate education beyond four years. You can claim it for any course load—the student does not have to be enrolled at least half-time.

Which is better the American opportunity credit or the Lifetime Learning Credit?

The American Opportunity Credit is considered somewhat better than the Lifetime Learning Credit in this respect as well. The Lifetime Learning Credit restricts expenses solely to tuition, and the tuition and fees deduction does as well. Other course materials, such as books, lab supplies,…