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American Opportunity Credit. Generally, you can claim the American opportunity credit if: You pay qualified higher education expenses, You pay the education expenses for an eligible student, and. The eligible student is yourself, your spouse, or a dependent for whom you claim an exemption on your tax return.
If you have several students in your family, you can claim multiple credits based on the expenses of each student. For example, if you have three kids in college, you can claim up to $7,500 ($2,500 x 3) in American Opportunity credits.The credit is not allowed for a student who has four or more yearsâ worth of college credits as of the beginning of the year.So, if your child earned less than four years of college credit as of January 1, 2014, you can claim the credit on your 2014 return.Note: You can only claim the credit for a year during which the student carries at least a half-time course load for a minimum of one semester beginning in that year.f you have several students in your family, you can claim multiple credits based on the expenses of each student. For example, if you have three kids in college, you can claim up to $7,500 ($2,500 x 3) in American Opportunity credits.