After we filed our 2010 tax return, we realized that we missed claiming the American Opportunity Credit for paying our son’s college tuition last year. Our joint income is less than $160,000, so we qualify. Is it too late to claim the tax credit?
No, it’s not too late to claim the credit, which can knock $2,500 off your income tax bill. Generally, you have up to three years after the date you filed your original federal tax return to amend it, but the sooner you file, the sooner you’ll get a refund. You can file an amended return for any deduction or credit you discover you’ve missed during that time period.
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