Alright, so I've got a tax question for the accountants:
I graduated in May of 09 and was a full-time student up until then. Because of this, my dad is going to claim me as a dependent on his return. He also, thankfully, paid for my tuition.
The American Opportunity Credit provides up to $2500 per student per year for pursuing higher education. My dad doesn't qualify for the credit since he makes more than $80k a year (or whatever the cutoff is). TaxAct says that if the person claiming me as a dependent isn't eligible for the exemption, then I can claim it.
So my question: Can I claim the $2500 tax credit even though I didn't pay for tuition, since my dad isn't eligible?
Thanks for the help!
I graduated in May of 09 and was a full-time student up until then. Because of this, my dad is going to claim me as a dependent on his return. He also, thankfully, paid for my tuition.
The American Opportunity Credit provides up to $2500 per student per year for pursuing higher education. My dad doesn't qualify for the credit since he makes more than $80k a year (or whatever the cutoff is). TaxAct says that if the person claiming me as a dependent isn't eligible for the exemption, then I can claim it.
So my question: Can I claim the $2500 tax credit even though I didn't pay for tuition, since my dad isn't eligible?
Thanks for the help!