If you are receiving the refundable American Opportunity Credit, please make sure the student on your return meets the requirements: these include being enrolled at least half time in an accredited program leading towards a degree or certificate. Some tax preparers will try to win your favor by getting you a larger refund. If it sounds too good to be true then...
Remember you are ultimately responsible for the tax owed.
Q20. What if the student’s return was incorrectly prepared and filed by a professional tax preparer?
A. The IRS urges you to choose a tax preparer wisely. You are legally responsible for what’s on your tax return, even if it is prepared by someone else. For more information, read IRS’ Tips for Choosing A Tax Return Preparer.
Q4. How much is the American opportunity tax credit worth?
A. It is a tax credit of up to $2,500 of the cost of tuition, fees and course materials paid during the taxable year. Also, 40% of the credit (up to $1,000) is refundable. This means you can get it even if you owe no tax.
http://www.irs.gov/uac/American-Opportunity-Tax-Credit:-Questions-and-Answers
