<p>Hi guys, this is my first year receiving form 1098-T,<br>
I didn't know much about American opportunity until lately, I know that I might get portion of my tuition back.
The problem is that my parents have already done the tax return.
My dad called the accountant, and they said that if I want to change anything they would charge me again.
I didn't want to do this because the amount that I might get is not a lot.
I'm wondering if there is any other way that can help me to get the refund? </p>
<p>Usually it’s your parents who would get the tax credit, not you…depending who paid tuition and what your income is vs theirs. It might be well worth paying the accountant to refile…but it might not. Sorry I know that doesn’t help much but it’s a shame to leave $ on the table if you or your folks can get it back…</p>
<p>If you can be claimed as a dependent on your parents’ return, only they can take the AOC. But depending on the numbers they could save up to $2500 on their taxes or even get up to a $1000 refund. It might well be worth paying the accountant again for that. </p>
<p>Tell us the amounts in all the non-zero boxes and whether box 7 was checked and we could give you an idea of how much they may benefit from it.</p>
<p>Thank you for answering my question.
I’m not sure how much I can get back.
Box 7 was not checked, and I have about $1500 on box1, about 1200 on box 5.
I paid $300 during the semester.
Actually, I don’t know how to calculate the amounts. I want to give this to the accountant,
but my friend told me I would probably get back only 40% of $300? I don’t know what to do now.
Thank you again for helping me out!!</p>
<p>You and your parents did not know about educational tax credits but the accountant is supposed to know. Your parents paid him money for his supposed expertize. Did he know that one of the dependents was a college student? He was supposed to ask your parents about educational expenses and prepare tax return accordingly.
If you are a dependent for tax purposes your parents should claim the AOC on their return, does not matter who actually paid educational expenses. He prepared tax returns incorrectly and should prepare amended returns for free. His responsibility is to minimize tax payments for his clients. Talk to him again. </p>
<p>I agree with CCDD14. It is your accountant’s job to make sure your parents can claim you if they did. In order to claim you assuming you’re over 18, you have to be a full time student. So if you are, then they should have asked about education expenses. Assuming your parents’ income is not too high to get the credit, they would get back $300 if the numbers you gave us are correct. And I agree that the accountant should amend that for free. If not, you should find a new accountant.</p>
<p>This answer could be all different if you’re not a full time student for at least one semester in 2013</p>
<p>3bm103, you do not have to be a full time student to be a dependent. The one claiming the dependent has to provide more than half the support for that person. People claim relatives who live with them all the time. My 53 year old brother lives with my mother and while she doesn’t claim him, she could.</p>
<p>You do if the dependent is over 18 and earned over the exemption amount. Why would your mother not claim your brother if she can? And if the dependent is 24, then they can’t be claimed even if full time students if they earned over the exemption amount.</p>
<p>There are two ways to claim a dependent, qualifying CHILD or qualifying relative. The Qualifying Child is the one where you have to be at least a half time student if over 19, but any age can qualify for the qualifying relative. There are many more credits to be taken with a qualifying CHILD, including HOH, EIC, Child credit. The AOC does not require you claim the student as a qualifying child, just that the student is claimed as a dependent. A tax preparer should know the difference.</p>
<p>My mother doesn’t claim my brother because he claims himself. He makes money, she just pays more to support him than he makes, so she’s providing more than half his support during the year (housing, food, utilities). The benefit of $3900 is more to him than it is to her. If they both claimed him, it was trigger an audit and though she may win, it isn’t worth the battle.</p>
<p>Then she can’t claim him. Although she meets the support test to claim him, he does not meet the Gross Income Test. Because he makes more than $3,900. </p>
<p>From your 1098T your parents, if you can be claimed as a dependent, can have their taxes reduced by $300 based on your numbers or even get a larger refund depending on the numbers on the return. </p>
<p>If you have receipts you can add the cost of your required books and supplies to that even if you didn’t buy them from the school. Give the 1098T to your dad and show him this thread.</p>
<p>I agree that your accountant should have asked your Dad enough questions to have brought out that there was a college student in the family and should file the amended return for free since he wasn’t thorough in his process.</p>
<p>The IRS reference for the American Opportunity Credit is chapter 2 in Pub 970:</p>
<p>I told my dad what you guys said, and then he called again. This time the accountant told him that if I want to amend the tax return, it gonna be a complicated process. I’m not sure what he meant by this. :[ </p>
<p>Yes, I’m a full time student, and yes, my parents claim me as dependent.
In this situation, do you think I can file a separate tax return with this 1098-T?
I can do it myself online, and I only earned $1000, didn’t plan to do this because Fed and state didn’t tax me.
But I’m not sure if I can since my parents claim me as dependent?</p>
<p>Thank you all of your answers! My dad called again, and all I want to say is that I will definitely change an accountant next year! :] Anyway, I really appreciate your help!! </p>
<p>As they claim you as a dependent, your parents are the only ones that can claim the credit. You cannot claim it.</p>
<p>Filing an amended return is not a complicated process at all. I’ve done it for my daughter in the past. And I do it all the time in my job. Nothing remotely complicated about it.</p>