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You may be able to take a credit of up to $2,500 for adjusted qualified education expenses (defined later) paid for each student who qualifies for the American opportunity credit. This credit equals 100% of the first $2,000 and 25% of the next $2,000 of adjusted qualified expenses paid for each eligible student.
IRS Form 8863 Instructions Be mindful that the amount displayed on the Form 1098-T might not be the same number that you claim on your Form 8863. Be sure to read through the Form 8863 qualified expenses, such as room and board, to determine the amount of credit you can claim.
In January your school will send you Form 1098-T, a tuition statement that shows the education expenses you paid for the year. Youll use that form to enter the corresponding amounts on your tax return to claim an education tax credit or deduction.
The 1000 came from the 8863. While the total amount of the AOC is worth up to $2,500, only $1,000 of the AOC is actually refundable. This means you can use the other portion to reduce your tax liability if you have any. But, only $1,000 can be directly added to your refund without any tax liability.
Claiming the American Opportunity Tax Credit You must complete the relevant sections of IRS Form 8863 and attach it to a personal income tax return to claim the credit. For tax year 2023, the credit begins to phase out for: Single taxpayers who have adjusted gross income between $80,000 and $90,000.
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To claim AOTC, you must file a federal tax return, complete the Form 8863 and attach the completed form to your Form 1040 or Form 1040A. Use the information on the Form 1098-T Tuition Statement, received from the educational institution the student attended.
American Opportunity Credit phaseout If your modified adjusted gross income (MAGI) is more than $80,000 ($160,000 if youre married filing jointly), your eligibility will start to phase out meaning you may only qualify for a partial credit or none at all.
Be enrolled at least half time for at least one academic period* beginning in the tax year. Not have finished the first four years of higher education at the beginning of the tax year. Not have claimed the AOTC or the former Hope credit for more than four tax years.

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