Please help with amending tax returns to include a missed education credit?

Question

I am trying to help my mom out because it appears she missed a huge education credit on her tax returns for the last several years. Let me first give a little overview. My first semester of college would have been Fall of 2006. Then I went all year in 2007, 2008, and 2009. She didn't take the Hope Credit in 06 07 or 08 and as of now didn't know about the American Opportunity Credit for 09. The biggest problem I am seeing right now is that she gave me enough to pay tuition which exceeded the maximum on each credit BUT the payments were all made under my name. Do these still count as qualified expenses for the credits? Also what else should I be worried about or looking at? She also paid for my brother's college but he's 2 years older than me so he started in fall of 2004. So she can't go back quite that far but again I think it might have been paid in his name. I know that the Hope credit can only be taken for 2 years for each student so she could take it for him for 06 or 07 anyways and for me for two years during 06 07 or 08 and then take the AOC for me for 2009. Any good information would help. I already looked at the IRS website and other information but hearing it from an actual person would be a great deal of help. Thank you!

Anonymous · Accepted Answer

You use the 1040X to file an amended return.  Attach Form 8863 to the amended return for each year.  You can amend the 2006 return up until April 15, 2010 so you need to get these amended returns done soon.  You can use the Hope Credit for the first two years for each student.  Usually the tuition statement comes in the student's name but if the parent paid for it, they can deduct it on their return.  And yes you would be able to use the American Opportunity Credit for 2009.

ninasgramma · Answer

Amend 2006, 2007, and 2008.  She probably wants to take Lifetime Learning Credit in 2006, and Hope Credit in 2007 and 2008, assuming you did not have Junior (3rd year) status as of 1/1/2008.

The expenses you paid with her money gift are qualified expenses.

Then, she can do AOC for 2009.  You must get the 2006 amendment done by the deadline of 4/15/2010.

Anonymous · Answer

You can't 2007 information to your 2008 taxes. You can amend your 2007 return up until April 15, 2011.

tro · Answer

if these credits will be substantial, amendments can be submitted for 3 yrs from the filing date, 
ie for 2006, the deadline is April 15, 2010
and subsequently each year
yes, Hope is 2 yrs, but there is also the Lifetime credit, you need to ascertain which applies

HHSDad · Answer

If you were a dependent of your mother for those tax years, then she can claim the credit assuming that her income is not too high. You need to file a form 1040X for each tax year and attach completed form 8863 for each year.

It doesn't matter in who's name its paid in as its considered parental support for a dependent.

Tax Chopper · Answer

Your mom could claim the education credit IF she did already claimed your name in her last tax returns.
As per law, any one  could amend his/her tax's for getting more refund, within 3 years only. In your case, your mom could claim only 2006 and up.

Before you decide to let your mother claim you, you need to have the printed 1099T forms from each school shows your name, social security number and if you were full or at least part time student, so your mother could use them.

Trending News

Please help with amending tax returns to include a missed education credit?

6 Answers