AOC - Overlapping Students; Am I the only one who missed this?

[Scribbulus]

<p>Ok, I've been doing taxes since the early 80's; Schedule C and all the other forms that go along with that; some years with employees as well, back when it was all paper and pencil, started using TT in about 2000, and would have said I pretty much knew what I was doing, (which maybe was my undoing), and just realized last night that I made a mistake that led to a smaller refund than we were entitled to; luckily it isn't too late to amend the return. </p>

<p>I received two 1098T's for the 2011 school year; one kid graduated August 2011, and one started September 2011. I had read and reread Publication 970 on Education Benefits and got the impression that you could only claim the AOC for one student per year. There is a sentence that reads, "You MAY claim the AOC for one student and the lifetime learning credit for another student in the same year". I took the MAY to mean that was the way it was supposed to be done, and I chose the kid for whom the AOC was higher. Because we would not have benefited from any of the other credits after the AOC, I didn't even enter in other 1098T into TurboTax. That's where assuming I knew what I was doing played against me, because I'm guessing if I had entered both, TurboTax would have let me know I could do the AOC for both kids. </p>

<p>I reread the 2014 Publication 970, because I was trying to figure out what to do about son's study abroad and its related scholarship, and read this "If you pay qualified education expenses for more than one student in the same year, you can choose to take the American opportunity credit on a per-student, per-year basis" I'd like to think that sentence wasn't word that way in the 2011 version, but I'm sure it was, I just either overlooked it, or didn't think it through all the way. Luckily, TurboTax tells me I can still amend the 2011 return and we'll get a little additional refund. It'll be my first ever amended return, so I have no idea how long that takes</p>

<p>So I learned; even if you think you know what you're doing, if you are going to use a service to help prepare your taxes, give it a chance to do its job and answer all the questions, don't just skip ones thinking you know the answers. I thought I'd post just in case I wasn't the only person who thought you could claim the AOC for only one student per year, even if you paid expenses for more than one in a year. </p>

[4kidsdad]

<p>^So, in 2011 you claimed only one AOTC but you had two eligible? Why? See 2011 p970 page 9:

For the tax year, you may be able to claim an credit available eligible student (including any year(s)
American opportunity credit of up to $2,500 for qualified Hope credit was claimed)
education expenses paid for each eligible student.

There was no limit of one AOTC per return! However, there is a limit of one LLC per return.

For the tax year, you may be able to claim a lifetime · You pay the education expenses for an eligible stulearning
credit of up to $2,000 for qualified education dent.
expenses paid for all eligible students.

</p>

[collegeparents]

<p>I claimed four AOC’s for my four kids in college at the same time…would have been in a world of hurt if we were limited to one. :"> </p>