Quote:
Originally Posted by sociologist
Hey there, great post!
I have a few questions:
From 2009-2013 I was a full time college student, my tuition was paid out of pocket from my parents. In May, I graduated and received my Bachelor's degree. I am now working full time, and was wondering if it was possible for me to claim the maximum $2,000 since 2009, since my tuition was roughly $7,000/year.
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If 2009-2013 were your FIRST FOUR years of post-secondary education, then certainly for the year 2013 you are eligible for the American Opportunity Credit. The Credit available to you is actually 100% of the first $2,00 and 25% of the next $2,000, for a maximum credit of $2,500. Up to 40% of this credit is refundable ($1,000). Basically if your tax liability is 0 for example, you will actually get a check of $1,000 refunded to you. When you do your return, the tax software should calculate these amounts for you. If you are being claimed as a dependent by your parents, you will not be eligible for the credit.