In spring of 2014 son took 3 hrs. Summer he took 4 hrs. This fall he took 6 hrs. He is a senior that will graduate in May this year. These classes were taken at our local state university. I have received 1098’s for all the hours above. I believe the 6 hrs semester is eligible for the American Opportunity Credit. My question is that he was not degree seeking but there as a visiting student so that we didn’t mess up his freshman status next fall. Can we still take this credit or wait until next year using his degree seeking freshman year? If we can take it, will he be penalized from his future financial aid?
AOTC requires student to be in a degree seeking program. See http://www.irs.gov/uac/American-Opportunity-Tax-Credit:-Questions-and-Answers Q12
Thank you very much!
What about the Lifetime Learning one…or whatever it’s called?
it is all spelled out in IRS Pub. 970.
http://www.irs.gov/pub/irs-pdf/p970.pdf
Can probably use the Lifetime Learning Credit - I posted about this in another thread a few days back, and in previous years. Do a search here.
See this thread, from a few days ago: http://talk.collegeconfidential.com/financial-aid-scholarships/1735341-received-1098t-for-tuition-paid-for-dual-enrollment-class.html#latest