Income Tax Questions - Page 2

I think there should be a STICKY about taxes on here, mind you its the tax season.

Yes, definitely! I have yet to have anyone answer (I'm sure many of you all have already filed taxes for at least two years, unless you haven't), so I don't know if it's because they don't wanna share, or they don't wanna answer.

Yes, We're able to claim the AOTC Tax Credit. The school will send you a 1098-T form that you'll use to fill out the tax credit form.

And even if you don't qualify for the AOTC because your four years of education have already passed up, you can still do the Lifetime Learning Credit, which is not as generous as the AOTC but it is something that helps you pay lower taxes or even get a refund if you school expenses were high enough. Another positive of the Lifetime Learning Credit is that you are not limited to only the first four years of education, you can claim it as long as you have paid for school in any year.

They didn't send it because (I'm assuming) I did not have a valid SSN back when I enrolled in school, but right when I got it I made sure to update it in my records. Since I guess the change in SSN didn't mean a change in 'status', I had to call and ask for one, I will pick it up next week.

So, maybe you can help me with this...I started in 'community' college in Spring 2011, and finished in Fall 2013, then I transferred to a university in Spring 2014, and (hopefully) will graduate Fall 2015 (this December).

I will be filing my first income tax within the next few days, and so, since what I paid in tuition for 2014 would be considered my fourth year, does that mean that when I file my taxes for 2015 I won't be able to get the AOTC, but I will be able to get the LLC? Either way, I'm good for the AOTC in this 2014 tax return, right?

By the way, since I only worked about half a year (I was finally able to quit my job), I should be able to get a good tax return, which I will use to pay property taxes and tuition. Just in case you were wondering .

Oh and thanks both of you for your responses!

For the AOTC, the year that you first claim it is considered your first year. If you haven't claimed the AOTC before you may be able to get your parents or other relatives that claim you as a dependent to amend their previous tax years to get back some more money. As for the form 1098-T, you don't necessarily need it to claim the credit, you could put in tuition expenses (what you actually pay and what what went to a loan). You could also write down other education expenses like books, board, etc. But then again, most people just put down tuition since its usually much bigger than books

According to both H&R and TurboTax, I am eligible for $1,000 in credit (I didn't make enough money last year since I didn't work for most of the second half of the year). It also says I'm eligible for EIC.