I just heard about this tax credit, thank you. Let me ask you this. My daughter has been going to college starting 2018 and graduates in may 2023. Since we just found out about it, can we go back to previous years' taxes and capture this?
Yes. You can go back and amend your tax returns. You would need to amend tax year 2019 as soon as possible, since you must file within 3 years of the original filing deadline to amend prior tax returns. Unfortunately, tax year 2018 is "lost".
Thank you so much. So she actually started junior college in 2017. But we didn't actually start paying tuition until 2021 and 2022 when she went to university. We've never taken that credit before, are we still eligible to amend for 2021 and 2022?
On my 1098T form, it says I have no expenses but lists my scholarship money that basically covered most things. But I did buy some equipment like a computer mointer, speakers, webcam, books for my online classes which adds up to around $700. Am I still able to claim the credit with my out of pocket expenses being $700?
I’m a truck driver, have my own business. I want to open up a new business in Tech. After a month of opening the business, can I attend a tech bootcamp and deduct the cost of that training? It’s one time payment of $14k and 14wks of training
It would be best to talk with your tax advisor. But training can only be deducted as a business deduction if it is related to your current line of business...not a new business trade.
The American Opportunity Tax credit can be received for 100% of the first $2,000 tuition/fees, plus 25% of the next $2,000 that has been paid during the taxable year for a maximum credit of $2,500.
Do you have any information pertaining to employee tuition reimbursement and, being able to claim these credits? I took out loans to pay tuition and, each time I pass my class they reimburse me and I pay my loan off. I didn’t know if this qualified me to claim the credits.
Usually, you may not claim a tuition credit for expenses paid (or reimbursed ) by tax-free money (e.g. scholarships, grants, or employer reimbursement). If the tuition reimbursement is taxable for you, then you may claim the tax credit.
Can I use form8863 for years 2019,2020 and 2021 or d o I have to file them separately?, I missed the tax credit because I just found out what 1080-T is for.
It depends. FAFSA is an application to collect your financial information which is passed on to colleges/universities, who will decide what kind of aid you will receive. Depending on the aid and how much, will depend if you qualify for education tax credits.
