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American Opportunity Credit Requirements

American Opportunity Credit

Any taxpayer who pays the education expenses for themselves, a spouse or a dependent they take an exemption for on a tax return can claim the American opportunity credit. However, the credit is only available for a student’s first four years of post-secondary education. The IRS does impose some restrictions on who can claim the American opportunity credit by creating Modified Adjusted Gross Income (MAGI) limitations. The credit is unavailable to single filers with $90,000 or more of MAGI or to married filers with MAGI of $180,000 or more. For most taxpayer who live and work within the United States, MAGI is the same as the adjusted gross income you calculate on the first page of your 1040 form.

American Opportunity Credit Eligible Education Institution

There are a few requirements that the student attending school must satisfy before anyone can claim the American opportunity credit. First, the student must enroll in an eligible educational institution, which the IRS defines as any school that is eligible to participate in the U.S. Department of Education’s financial aid program, regardless of whether it’s a college or trade school. Additionally, the student must be working towards a recognized degree and attend courses at least half-time during one academic semester within the tax year. Unfortunately, you cannot claim the American opportunity credit for any student who has a felony drug conviction on their record.

Calculating your American Opportunity Credit on Form 8863

Calculating the American opportunity credit you qualify for requires you to report all educational expenses on Form 8863, which you must attach to your IRS Form 1040. Expenses that are includable in the credit are the tuition and fees you pay for the student to enroll, plus any course-related supplies, books and equipment the student needs. Note, however, that you cannot include the cost of room and board when the student travels away from home to attend school. After summing up all of your qualified education expenses, you calculate the credit as 100 percent of the first $2,000 in expenses and 25 percent of the next $2,000, for a maximum credit of $2,500.

Reference: IRS Publication 970-Tax Benefits for Education