American Opportunity Tax Credit (Tax savings for college students) College and taxes part 2 of 2 August 27, 2019 19 By Stanley Isaacs We will be Related posts: International Students & Income Tax: How to file a Canadian tax return International Students & Income Tax: Working in Canada College education is failing us all. Can we design something better? Scholarslip: A documentary about the student debt crisis CategoryArticles BlogTagsafford american american opportunity credit American opportunity tax credit american opportunity tax credit 2016 cockatiel college college and taxes college books College savings tax tips for students credit education financial literacy how long can i claim college tax credits IRS mkchip opportunity save students tax tax accountant tax breaks tax savings for college students tax tips taxes and college tuition what is the american opportunity tax credit will 19 Comments Money and Life TV says: January 22, 2017 at 4:32 pm If you have questions or comments please feel free to ask. Hope everyone has a great week! Reply MajorMic says: January 23, 2017 at 6:53 am Oh man!! That yellow bird though 😂 Reply Sande Eaton says: January 31, 2017 at 1:53 pm If I received more in grants than I paid in tuition, can my mom still use this credit? Reply Jose Gomez says: January 31, 2017 at 10:46 pm I have received my 1098t form , on box 5 it shows my total amount of "scholarship or grants", however I never received didn't receive any in 2016. I spent around 250$ for 2016, I'm only part time at school, and work part time. My parents are claiming me on a 1040 form. Should I still claim my American opportunity tax credit individually? Reply Cee Bell says: February 12, 2017 at 9:17 pm I have looked into the Pub 970 (read the whole thing) we have an amount in box 2 under amounts billed and then a lessor amount in box 5 scholarships. I am doing my own taxes and am wondering where do I put the amounts and how do I figure which amounts to put in. Example: If in box 2 I have $9517 and in box 5 I have $5163.50 . How do I figure out what to put on my taxes? Do I subtract? On my taxes it wants me to put in my education expenses but I don't know what those expenses are. I have done a lot of research but I am still afraid to file because I don't want to get in trouble for putting the wrong things. I have also taken out loans for my son to go to school plus I send him money every payday to live on. Reply g quinn says: February 20, 2017 at 1:35 am Do a video on 8863. Reply g quinn says: February 20, 2017 at 3:11 am This is straight out of 8863 instructions … yes student do qualify for the credit even tho the money can from a third party … give me your input? "Qualified Education ExpensesGenerally, qualified education expenses are amounts paid in2016 for tuition and fees required for the student's enrollment orattendance at an eligible educational institution. It does notmatter whether the expenses were paid in cash, by check, bycredit or debit card, or with borrowed funds." Reply Natalie Nicolaou says: April 12, 2017 at 10:00 pm Hi! I'm a parent of a dependent student who was 18 in 2016. we will file married jointly Is there any restrictions that you can mention that would prevent us from getting the 1000 refund? I can't understand the irs instructions at all regarding qualifying for the the refundable portion. they seem to be contradicting themselves. Reply Crystal Chea says: December 21, 2017 at 7:53 am Hi! Ur video is very useful. For my case, will I get $2500 in cash from IRS when my tuition fee i have paid is $8000 and I have a part time job at school and it’s tax free? Thank you. Reply Gopikrishna Chappidi says: March 2, 2018 at 12:33 pm Thanks for the info. Reply Gopikrishna Chappidi says: March 2, 2018 at 12:35 pm Can u advise me if I can get the deduction for this year tax 2017 return as I do have 1098t with me and which box amount can I claim. Plz advise me on my email [email protected] my income is $60k pa. Thanks Reply Belinda Taylor says: April 1, 2018 at 8:28 pm I'm doing the form 8863 and x line 12 x line 17 you get over a million dollars what am I doing wrong Reply Isabela fernandez says: July 31, 2018 at 4:01 am Nice video, however, it is only information already under the instructions for whatever year. Thank you for taking the time, however, it will be of great help to show the watchers how to fill those Parts I, II and III…I personally will be very thank-ful, thxz again. Reply Adnan Alam says: November 15, 2018 at 4:20 am IRS Tax Tip 2018-117, July 31, 2018 Taxpayers who pay for higher education in 2018 can see tax savings when they file their tax returns. If taxpayers, their spouses or their dependents take post-high school coursework, they may be eligible for a tax benefit. There are two credits available to help taxpayers offset the costs of higher education. The American opportunity credit and the lifetime learning credit may reduce the amount of income tax owed. Taxpayers use Form 8863, Education Credits, to claim the credits. Reply Kamaldeep Singh says: December 17, 2018 at 8:32 pm Binging your videos like binging movies 😂 Reply Jenny S says: January 25, 2019 at 6:48 am Hi MKChip, your videos are very helpful! Thank you! We live in VA and want to hire you to be our accountant. Is that possible? If so, how? Reply Glow Bright says: February 8, 2019 at 7:35 am How do I get back the full 2500 dollar refund? I work for cash and this could help me bunches! 1098T box 1. $6,007 box 5. $3,047.. its saying that I qualify for the 1000 dollar RAOC credit.. how do I get the maximum $2500? Reply Carlos Mazier says: February 23, 2019 at 9:38 pm Thank you . Reply Khalil Dorris says: May 29, 2019 at 1:40 am Can you use credit if your going to community college pursuing associates degree? Reply Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Save my name, email, and website in this browser for the next time I comment.