Can I still claim my 17 year old as a dependent?

Can I still claim my 17 year old as a dependent?

To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test: To meet the qualifying child test, your child must be younger than you and either younger than 19 years old or be a “student” younger than 24 years old as of the end of the calendar year.

How does a 1098-t affect your tax return?

A form 1098-T, Tuition Statement, is used to help figure education credits (and potentially, the tuition and fees deduction) for qualified tuition and related expenses paid during the tax year. The tuition and fees deduction can reduce the amount of your income subject to tax by up to $4,000.

Can I use my child’s 1098-T?

If you claim a dependent, only you can claim the education credit. Therefore, you would enter Form 1098-T and the dependent’s other education information in your return. If you do not claim a dependent, the student can claim the education credit. The student must report any taxable scholarship income.

Does 1098-t increase refund?

Your 1098-T may qualify you for education-related tax benefits like the American Opportunity Credit, Lifetime Learning Credit, or the Tuition and Fees Deduction. If the credit amount exceeds the amount of tax you owe, you can receive up to $1,000 of the credit as a refund.

Can I claim Aotc if my parents paid my tuition?

Yes, you may claim a tuition credit, even if your parents paid the tuition. It is usually best if the parent claims the credit rather than the student. He/she does not qualify for the (up to) $1,000 refundable portion of the American Opportunity Credit (AOC) if items 1, 2, and 3 below apply to him.

Can I claim Aotc for previous years?

The American Opportunity Credit can be claimed for up to 4 tax years while you are an undergraduate student working toward a degree in the first 4 academic years. You said in your post you claimed the American Opportunity and Lifetime Learning Tax Credit but you can only claim one of the credits in any tax year.

What happens if I claim the American opportunity credit for more than 4 years?

If you’ve already claimed the AOTC for four years, are enrolled less than half time, are pursuing a graduate degree, or just taking courses to improve your job skills but not in a program that would lead to a degree, you may not be able to claim the AOTC.

How many times can you claim Aotc?

The American Opportunity Education Credit is available to be claimed 4 times per eligible student. This count includes the number of times you claimed the Hope Education Credit.

Can I claim American Opportunity Tax Credit after 4 years?

A. Yes. The American opportunity tax credit can be claimed for expenses for the first four years of post-secondary education.