SecondCor521
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Hi all,
My question: Should I take the AOTC this year or not?
Details:
My three kids are coming up on college in the next five years or so.
My middle son is currently a junior in high school who has been accepted into and will very likely attend a summer engineering program at his first choice university this summer. The program costs $2750 or so, and it looks like the school considers that $2750 to be tuition that would qualify for AOTC.
This same child is working towards his IB diploma with about a 3.5 GPA and is wanting to be a mechanical engineer so will probably spend either 3 or more likely 4 years in college from fall 2019 through spring 2023.
According to the IRS, I can only take the AOTC for four years for each kid.
So choice A is to take the AOTC this year on the $2750 and then for his first four three years of college. I could then take the LLC for his fourth year and onward.
Choice B is to skip the AOTC this year, take it for his first four years of college, then LLC after that.
Choice C is anything else that y'all might suggest as a better plan.
The reason this matters is if I don't take the AOTC, I'll reimburse myself from his ESA for these expenses. If I do take the AOTC, I can't reimburse myself from his ESA for these expenses. If I do reimburse myself, I'd rather do so sooner than later. Thus the question now.
Advice welcome.
My question: Should I take the AOTC this year or not?
Details:
My three kids are coming up on college in the next five years or so.
My middle son is currently a junior in high school who has been accepted into and will very likely attend a summer engineering program at his first choice university this summer. The program costs $2750 or so, and it looks like the school considers that $2750 to be tuition that would qualify for AOTC.
This same child is working towards his IB diploma with about a 3.5 GPA and is wanting to be a mechanical engineer so will probably spend either 3 or more likely 4 years in college from fall 2019 through spring 2023.
According to the IRS, I can only take the AOTC for four years for each kid.
So choice A is to take the AOTC this year on the $2750 and then for his first four three years of college. I could then take the LLC for his fourth year and onward.
Choice B is to skip the AOTC this year, take it for his first four years of college, then LLC after that.
Choice C is anything else that y'all might suggest as a better plan.
The reason this matters is if I don't take the AOTC, I'll reimburse myself from his ESA for these expenses. If I do take the AOTC, I can't reimburse myself from his ESA for these expenses. If I do reimburse myself, I'd rather do so sooner than later. Thus the question now.
Advice welcome.
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