How to File Form 8863 for American Opportunity Tax Credit for 2022

Students and their parents are generally eligible to claim either the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Tax Credit via Form 8863 on their Form 1040.

In this video, I cover the American Opportunity Credit (AOC) for parents with a married filing joint tax return, where they have two children enrolled in college full-time. The parents pay for the tuition and can claim the children as dependents on their tax return.

The AOC is a maximum credit of $2,500 per student, and it can only be claimed for 4 years for each student. Once the student has claimed the AOTC for all four years, they may still be eligible to claim the Lifetime Learning Credit if they continue to take classes in higher education.

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