Comments on: New American Opportunity Education Tax Credit – Facts for Students and Parents

By: Kourtnie McKenzie

Kourtnie McKenzie — Fri, 22 Jan 2010 17:54:52 +0000

J Walter,

I am not honestly sure about this. You would want to get a government official or a representative from your child’s financial aid office to look into this to make sure you get an accurate answer. Sorry for the lack of information!

By: S. Barnes

S. Barnes — Tue, 19 Jan 2010 15:42:33 +0000

FYI…I just talked to the IRS and was told that only the person claiming the student on their taxes that year can take the credit. So, I am a divorced mom of a first year college student and just found out that info. I now am pretty disappointed to find out that I won’t be able to take the credit this year and her father will. I guess I will make sure that I am the one claiming her next year!

By: Grant Smith

Grant Smith — Fri, 08 Jan 2010 19:16:44 +0000

Very good article, I’m glad to be a reader.

By: J Walter

J Walter — Fri, 08 Jan 2010 16:25:28 +0000

Reading information about the Amer Opport credit. If student is claimed as dependent but pays own tuition can the person claiming the dependent use this in the computation of the credit? jdjltc@charter.net

By: Kourtnie McKenzie

Kourtnie McKenzie — Sat, 29 Aug 2009 00:18:17 +0000

B Nolan, You can find information on the American Opportunity Tax Credit at this site. All the official information is there. If you'd like to contact a member of the government--they are the best at handling specific questions such as this as they face situations like this on a day-to-day basis--you can check out the contact information here. With that in mind, tax credits for education are typically not retroactive. Scholarships do not have to be paid back, but all stafford loans must be paid back after the student finishes school. I am not sure how the IRS handles divorced parents claiming educational costs of their children. Hope this helps!

By: B Nolan

B Nolan — Wed, 26 Aug 2009 23:56:26 +0000

I should have included this in question number 1… after scholarships and a subsidized stafford loan we are paying over $4000 for this first semester. What should we expect to have refunded?

By: B Nolan

B Nolan — Wed, 26 Aug 2009 23:53:41 +0000

Question number 2…I am a doctoral student still enrolled working on my dissertation. Tuition isn’t much at all now that I’ve completed the course work. I have taken the education tax credit in the past for tuition is this plan retroactive at all? Is there a possibility to get something back from the past 4 years? It never hurts to ask.

By: B Nolan

B Nolan — Wed, 26 Aug 2009 23:49:14 +0000

Who claims what on taxes? Situation: divorced parents both supporting daughter in college. We are splitting the expenses for tuition, room and board, meal plan, and books 50/50. We alternate years to claim our daughter as a dependent on our taxes. It is my ex’s year to claim her. Should he claim both portions (his and mine) of the college expenses on his taxes since it is his year to claim her as a dependent? OR should we both claim only our portion of the expenses regardless of who claims her as a dependent that particular year? 1st year student and I’m confused about this… Thanks for any assistance.

By: Kourtnie McKenzie

Kourtnie McKenzie — Wed, 08 Jul 2009 22:10:16 +0000

If you previously used the Hope program, you may use this new program. Old users of the Hope program have turned to this program for financial aid. Hope this helps!

By: Teresa McGill

Teresa McGill — Wed, 08 Jul 2009 14:39:39 +0000

If I currently reside in Wisconsin (an area outlined in this expanded tax credit) but attended an online accredited institution (located in Pennsylvania – The Art Institute of Pittsburgh) am I will eligible for the expanded tax credit? I did claim the Hope Credit this past tax season. Please advise.

Thanks!
Teresa