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  1. #1
    Shallow and Pedantic
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    American Opportunity Tax Credit

    This is a new credit started this year. I am a dependent, I live with my parents, but literally pay for everything else. I pay ALL of my tuition atm, including books which totals up to about 4000 a year. This new AOTC that came out, how do I work this into mine or my parents taxes so I can get the most back? Can I get any back at all? My parents fall into the salary bracket btw.


    http://taxes.about.com/od/deductions...Tax-Credit.htm

  2. #2
    I'll change yer fuckin rate you derivative piece of shit
    Join Date
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    Here is a pretty good link explaining everything about that tax credit.

    http://taxes.about.com/od/deductions...Tax-Credit.htm

  3. #3
    Shallow and Pedantic
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    Lol, I know. I read that, but I want to see if anyone has experiences with going through the process.

  4. #4
    BG Medical's Student of Medicine
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    If your parents claim you, you get nothing. It all goes towards your parents' taxes.

  5. #5
    Shallow and Pedantic
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    Yeah they can claim it, I know that. I'll just have them give me the money they can claim.

  6. #6

    Quote Originally Posted by Omnipotent View Post
    Yeah they can claim it, I know that. I'll just have them give me the money they can claim.
    Have fun getting them giving you that

  7. #7
    Shallow and Pedantic
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    Quote Originally Posted by Blackmagik View Post
    Have fun getting them giving you that
    Oh they will. I pay for literally everything accept rent. It's that or I kill.

  8. #8

    Quote Originally Posted by Omnipotent View Post
    Oh they will. I pay for literally everything accept rent. It's that or I kill.
    Fair enough.

  9. #9
    Dolmen
    Guest

    http://www.bluegartr.com/forum/showthread.php?t=89251

    I wrote a bit of an explanation there. The question is what edge of the bracket do they fall in, because there is a phase out. If you're a dependent, you can't claim it, so don't try it. Have your parents claim it and you can find the total amount they are getting back from the credit by adding lines 49 (Education credits from Form 8863, line 29) and 66 (Refundable education credit from Form 8863, line 16) on Form 1040. This is of course assuming that they have no other education expenses they'd be putting on their return. If so, just look at their Form 8863.

    http://www.irs.gov/pub/irs-pdf/f8863.pdf

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