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QUESTION DETAIL
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I'm a student in college and I recently received form 1098-T from the lender for my student loans. I am wondering if I can claim the American Opportunity Tax Credit even if I have no taxable income for the year?
ANSWER
The BIDaWIZ Team's Answer:
Yes, it's certainly possible to still claim the American Opportunity Tax Credit even if you don't have any income. However, you will not be able to claim the full $2,500 amount. Rather, you will be limited to 40% of the credit to claim a refund or up to $1,000 tax credit.
