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04-03-2017 07:39 PM
Hi. My daughter is in her first year as a full-time Running Start student. It says we are able to claim the American Opportunity Credit in the amount of $543. Would it be better for us to wait to claim this in future years when our out-of-pocket expenses are higher? She is working towards her AA but will need more college in the future and may need more than 2 years, depending on her college choice. Any idea if this credit will be extended past 2017? If it looks like this credit will indeed be coming to an end, there's my answer.
Thanks for any help!
04-03-2017 07:53 PM
Welcome to the H&R Block community.
You cannot claim credit for 2016 expenses in a future year, so my advice is to claim as much credit as you can. Your daughter can claim the American Opportunity Credit for the first four years that she is in college, after that (from her fifth year forward) she will only be eligible for the Lifetime Learning Credit which is 100% non-refundable.
The good news is that the American Opportunity Credit was made permanent last year, so it's not going anywhere unless Congress changes the tax law.
If you have any other questions I'll be glad to help.
Senior Tax Advisor (Tampa, FL)
04-03-2017 09:44 PM
So it is the first four years she is in college, regardless of the type of college (university vs community)? If she is getting a 1098 from a college, this will count as her first year of college, correct? (If I seem completely clueless, it is because I am.)