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baalai vayena
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Posted on 02-23-11 9:26
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Here is what happened, i am right now working but still making payment to the school. My wife thinking that i am still making payment to school for the classes that i took in 2009 used the american oppurtunity credit. Since i have not completely paid off i dont have any supporting documents. So now how can i correct that mistake. Any help is appreciated.
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Rational
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Posted on 02-23-11 3:17
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Your post is not very clear. I dont know what your issue is in this case. But if you are paying student interest, then you can deduct the interest expesnses. If you are no longer in school, I dont think you qualify for the American oppportunity credit. Please rephrase your question, so that some tax expert can answer it.
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kailoketa
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Posted on 02-23-11 4:51
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I have seen forms online that let you amend tax returns. I am no tax expert but hope that helps.
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baalai vayena
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Posted on 02-23-11 4:56
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@rational Thanks for your input. Let me rephrase my situation in most simplest way my wife by mistake filed for the american opportunity tax credit which i do not qualify. How can i make correction to that.
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ark
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Posted on 02-23-11 5:14
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File 1040X amended tax return along with general tax return form with correct information this time. The diffrence in amount that will be seen in you new return and ur previous return will be reflected in 1040X form. this you need to pay to IRS.
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बैरागिकाइलो
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Posted on 02-23-11 6:17
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Awiat until you hear from IRS, it they let you go , you will enioy AOC $2500.
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purana kagaz
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Posted on 02-23-11 6:28
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If you think you made a mistake, you can amend the tax return. There should be a link that says "Amend Your tax' or something like that depending on which software you're using. If you want to wait until IRS's decision, it maybe be possible they might just give you AOC but if they find out later, they'll audit your case and that will create a big problem and you'll have to pay back the money as well as penalty.
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amricane
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Posted on 02-23-11 6:30
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Baalai bhayena bro , just chill i got what u mean , but i have a friend who applied like urs and already got the money . If u are honest and of course stupid you can write a check and return to IRS , but it might create problems later.
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baalai vayena
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Posted on 02-23-11 6:36
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Thanks everyone! I think i am gonna wait and see if IRS lets me go, if not i will file 1040x. Thanks again.
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pichas
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Posted on 02-24-11 9:19
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Well frivolous filings lead to auditing of your return. If they determine that it was fraudulent, you will be slapped with penalty and you will be flagged for life...
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बैरागिकाइलो
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Posted on 02-25-11 7:45
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It did not let me edit my previous comment. I looked the rules and realized that if you do not have 1098 T, IRS will flag and end up paying back including interest. Amend the tax claim lifetime education and send the money back.
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