Comments on: American Opportunity Tax Credit Details http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html personal finance blog with anecdotes, advice and commentary. Sun, 12 Feb 2012 22:21:00 +0000 hourly 1 By: Faith http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-3#comment-384676 Faith Mon, 06 Feb 2012 05:17:01 +0000 http://www.bargaineering.com/articles/?p=4269#comment-384676 Last year I was on my parents fafsa and we ended up taking the "making work" credit and it really messed with my aide I lost $2,500. I'm worried about taking the American Opp. Because of this. I'm married and returning back to the college for the next semester and I'm wondering if this is going to hurt me like it did the last year? Thanks. -Faith- Last year I was on my parents fafsa and we ended up taking the “making work” credit and it really messed with my aide I lost $2,500. I’m worried about taking the American Opp. Because of this.

I’m married and returning back to the college for the next semester and I’m wondering if this is going to hurt me like it did the last year? Thanks.

-Faith-

]]> By: Chelsea Boice http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-2#comment-384557 Chelsea Boice Fri, 03 Feb 2012 01:31:36 +0000 http://www.bargaineering.com/articles/?p=4269#comment-384557 Hi, I've been in school for 6 years, 2006-2012, I was not enrolled for one semester and was enrolled in 9 credits or less for 3 terms. During 2006 & 2008, I was claimed by my parents. Can I still receive the American Opportunity credit? H&R block is saying yes, while Turbo Tax is saying now. Help! Thank you Hi, I’ve been in school for 6 years, 2006-2012, I was not enrolled for one semester and was enrolled in 9 credits or less for 3 terms. During 2006 & 2008, I was claimed by my parents. Can I still receive the American Opportunity credit? H&R block is saying yes, while Turbo Tax is saying now. Help! Thank you

]]> By: Lisa http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-2#comment-384542 Lisa Thu, 02 Feb 2012 20:58:51 +0000 http://www.bargaineering.com/articles/?p=4269#comment-384542 My son's 1098T form shows the amount of the charges from the school, then it shows the Grant (Financial Aid) he received which makes the calculation equal out to $0, so he is not eligible for the credits. However he purchased all his books outside the school with his own money and if I read correctly one of these credits covers books and materials. So how does that work is he eligible for those and if so how does he prove it and which credit should he apply for. Thanks My son’s 1098T form shows the amount of the charges from the school, then it shows the Grant (Financial Aid) he received which makes the calculation equal out to $0, so he is not eligible for the credits. However he purchased all his books outside the school with his own money and if I read correctly one of these credits covers books and materials. So how does that work is he eligible for those and if so how does he prove it and which credit should he apply for. Thanks

]]> By: aishah http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-2#comment-384480 aishah Wed, 01 Feb 2012 18:36:13 +0000 http://www.bargaineering.com/articles/?p=4269#comment-384480 I am a tax professional one of my clent has a felony in 1982. it is past 25 years.Please state me what is the time sloth you have to qualify for this credit. As the time passed can you please answer does she qualify now I am a tax professional one of my clent has a felony in 1982. it is past 25 years.Please state me what is the time sloth you have to qualify for this credit. As the time passed can you please answer does she qualify now

]]> By: Stacie http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-2#comment-384367 Stacie Mon, 30 Jan 2012 19:12:35 +0000 http://www.bargaineering.com/articles/?p=4269#comment-384367 I highly agree. I got a degree in accounting because I was under the impression I needed one. A CPA certification is only truly needed if someone is going to be an auditor. It is better to have someone whose sole specialty is taxes. Much like yours and my small businesses. This is what we do. And we do it cheaper than 90% of the CPA's out there! I highly agree. I got a degree in accounting because I was under the impression I needed one. A CPA certification is only truly needed if someone is going to be an auditor. It is better to have someone whose sole specialty is taxes. Much like yours and my small businesses. This is what we do. And we do it cheaper than 90% of the CPA’s out there!

]]> By: melissa http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-2#comment-383291 melissa Tue, 10 Jan 2012 10:43:56 +0000 http://www.bargaineering.com/articles/?p=4269#comment-383291 No, what happens is on the 1098T they list how much the total expenses were, then they list how much grant money was given...then they subtract it and show a bottom line...that bottom line is what you are allowed to claim as "out of pocket"..that can come from loans or mom or dad or whatever, but the fed money cant be given to you twice..lol No, what happens is on the 1098T they list how much the total expenses were, then they list how much grant money was given…then they subtract it and show a bottom line…that bottom line is what you are allowed to claim as “out of pocket”..that can come from loans or mom or dad or whatever, but the fed money cant be given to you twice..lol

]]> By: Anonymous http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-2#comment-378269 Anonymous Mon, 17 Oct 2011 03:34:01 +0000 http://www.bargaineering.com/articles/?p=4269#comment-378269 I gave social security to this company have not here from them about my money, is this a joke or for real, no call back number to contact. Hit me back at 916-670-3639 I gave social security to this company have not here from them about my money, is this a joke or for real, no call back number to contact. Hit me back at 916-670-3639

]]> By: tax pro http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-2#comment-376164 tax pro Thu, 06 Oct 2011 03:39:18 +0000 http://www.bargaineering.com/articles/?p=4269#comment-376164 Not to defend H&R, they do make a lot of false claims and errors, but most of the errors I find come from CPA firms. I have 25 years of experience, spend 100+ hours every year teaching tax school plus 60+ hours annually in tax trainings. I am a tax professional who owns my own business. What I'd like for you to realize is the "commuting miles" question should be asked by EVERY tax pro who is taking any mileage deduction on a 2106. This is not an error from a tax preparer, but an error from an uninformed taxpayer. I can guarantee you H&R did not use the commuting miles as a deduction, rather as an important piece of information necessary to validate the actual dedutible miles taken on his tax return. The unfortunate thing is, as you said, the H&R person is a "data entry" tax preparer. They many not have even realized why they were asking the question because their software prompted them to do so. They either didn't tell the client why they were asking the question, or the client just didn't understand. I can promise you, if you want an excellent job on a personal tax return, small business, rental, etc., unless you just get very lucky, you do NOT want a CPA to do the tax return. Unless they choose to learn, they simply do not know how. I have 30 trained professional working for me in 3 different towns. I won't hire people with much accounting training, because they are simply "messed up" for tax prep. It is two completely different occupations and specialties. Best kept secret - the CPA's have done a nice job marketing themselves. I wish the IRS would require them to take the new mandatory certification tests, the tax professions would be so busy taking care of their clients, because the average CPA's don't know how to do a 1040 tax return. They should stick with the corporations. That's my soapbox. :) Not to defend H&R, they do make a lot of false claims and errors, but most of the errors I find come from CPA firms. I have 25 years of experience, spend 100+ hours every year teaching tax school plus 60+ hours annually in tax trainings. I am a tax professional who owns my own business. What I’d like for you to realize is the “commuting miles” question should be asked by EVERY tax pro who is taking any mileage deduction on a 2106. This is not an error from a tax preparer, but an error from an uninformed taxpayer. I can guarantee you H&R did not use the commuting miles as a deduction, rather as an important piece of information necessary to validate the actual dedutible miles taken on his tax return. The unfortunate thing is, as you said, the H&R person is a “data entry” tax preparer. They many not have even realized why they were asking the question because their software prompted them to do so. They either didn’t tell the client why they were asking the question, or the client just didn’t understand. I can promise you, if you want an excellent job on a personal tax return, small business, rental, etc., unless you just get very lucky, you do NOT want a CPA to do the tax return. Unless they choose to learn, they simply do not know how. I have 30 trained professional working for me in 3 different towns. I won’t hire people with much accounting training, because they are simply “messed up” for tax prep. It is two completely different occupations and specialties. Best kept secret – the CPA’s have done a nice job marketing themselves. I wish the IRS would require them to take the new mandatory certification tests, the tax professions would be so busy taking care of their clients, because the average CPA’s don’t know how to do a 1040 tax return. They should stick with the corporations.
That’s my soapbox. :)

]]> By: Inna http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-2#comment-370280 Inna Thu, 30 Jun 2011 22:44:09 +0000 http://www.bargaineering.com/articles/?p=4269#comment-370280 Hello. My husband's mother claimed American Opportunity Credit for him in 2007 and 2008 when we were not married. Then, she thought she couldn't do it in 2009. We claimed the credit in our 2010 tax return. He's been going to a community college since 2007 but changed his major, took time off and went part-time for a while. Technically, if we use the credit in 2011, it will be the 4th tax he'll claim it (not consecutive though), but I don't know if we can do it considering 2009 was skipped by his mother. Hello. My husband’s mother claimed American Opportunity Credit for him in 2007 and 2008 when we were not married. Then, she thought she couldn’t do it in 2009. We claimed the credit in our 2010 tax return. He’s been going to a community college since 2007 but changed his major, took time off and went part-time for a while. Technically, if we use the credit in 2011, it will be the 4th tax he’ll claim it (not consecutive though), but I don’t know if we can do it considering 2009 was skipped by his mother.

]]> By: Kalynn http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-2#comment-367028 Kalynn Sun, 17 Apr 2011 03:18:43 +0000 http://www.bargaineering.com/articles/?p=4269#comment-367028 Ok I need help. My BF pays for his college out of his pocket but lives with his dad or mom depending on where he chooses to stay. His dad says he has to claim his tax credit for the college since he lives with him. My BF makes his own money and pays for everything just not rent. Is he getting ripped off by his dad claiming that credit when his dad didn't PAY a damn thing? Ok I need help. My BF pays for his college out of his pocket but lives with his dad or mom depending on where he chooses to stay. His dad says he has to claim his tax credit for the college since he lives with him. My BF makes his own money and pays for everything just not rent. Is he getting ripped off by his dad claiming that credit when his dad didn’t PAY a damn thing?

]]> By: Lisa http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-2#comment-367020 Lisa Sat, 16 Apr 2011 22:42:57 +0000 http://www.bargaineering.com/articles/?p=4269#comment-367020 My daughter moved out in June of 2010. But I paid for her classes, cell, insurance and gave her a little bit every month. Can I still claim the American Opportunity tax credits? My daughter moved out in June of 2010. But I paid for her classes, cell, insurance and gave her a little bit every month. Can I still claim the American Opportunity tax credits?

]]> By: Nigel http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-2#comment-366995 Nigel Sat, 16 Apr 2011 06:14:02 +0000 http://www.bargaineering.com/articles/?p=4269#comment-366995 What u care? As a taxpayer, i suppose? What u care? As a taxpayer, i suppose?

]]> By: Robin http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-2#comment-366445 Robin Wed, 06 Apr 2011 15:50:19 +0000 http://www.bargaineering.com/articles/?p=4269#comment-366445 OK, I got it! that section does not apply to me as a parent, who is claiming my children as dependents! It only applies if YOU are the filer and under 24! Woo hoo, I had to explain it to my accountant, who was confused too... OK, I got it! that section does not apply to me as a parent, who is claiming my children as dependents! It only applies if YOU are the filer and under 24! Woo hoo, I had to explain it to my accountant, who was confused too…

]]> By: Robin http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-2#comment-366442 Robin Wed, 06 Apr 2011 14:41:35 +0000 http://www.bargaineering.com/articles/?p=4269#comment-366442 HELP!! I have been told by my accountant that my husband and I can not take the American Tx Credit for our 3 children who we paid over 37,000 dollars in tuition last year, because they are under 24 years old. What the heck? What is the purpose of this thing if you have to be over 24 years old? I don't understand and when it tells me to go down to Part IV on the form we don't qualify because our adj gross income was 121,000.........Is he wrong or can I claim my 3 kids tuition for the credit? HELP!!
I have been told by my accountant that my husband and I can not take the American Tx Credit for our 3 children who we paid over 37,000 dollars in tuition last year, because they are under 24 years old. What the heck? What is the purpose of this thing if you have to be over 24 years old? I don’t understand and when it tells me to go down to Part IV on the form we don’t qualify because our adj gross income was 121,000………Is he wrong or can I claim my 3 kids tuition for the credit?

]]> By: sean http://www.bargaineering.com/articles/american-opportunity-tax-credit-details.html/comment-page-2#comment-365870 sean Fri, 25 Mar 2011 02:03:06 +0000 http://www.bargaineering.com/articles/?p=4269#comment-365870 I'm under 24, can I claim the american opportunity tax credity myself? I am 20 years old. Turbo tax keeps telling me that I can, but I am not sure. I’m under 24, can I claim the american opportunity tax credity myself? I am 20 years old. Turbo tax keeps telling me that I can, but I am not sure.

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