USA Can we file Amended Return

[Kokou]

Can/should we file Amended Return with form 8863 showing ZERO for American Opportunity Credit (AOC) for the following reason:
We have very small credit claimed for 2012, and this year we can claim the full $2500 credit. However we already have claimed AOC for four years.

So the idea is to remove the AOC for 2012 and reduce the number of previous years in which we claimed AOC to three.
That way we will comply with all AOC requirements for 2014.

is this an allowable reason to file Amended Return for 2012?

Any comments will be highly appreciated!

Thanks a lot

 

[ColinCPA]

Since you have already completed the first four years of post-secondary education, I don't think you would be eligible this year.

 

[Kokou]

The student has not completed the first 4 years of post-secondary education as of January 1st 2014, so this is not the problem.

 

[ColinCPA]

Maybe I misunderstood the facts. In that case, I don't see any issue with this. This is allowable on an amended return.

However, keep in mind you will owe penalties and/or interest on the amount due that will result for 2012. Make sure this is worth it before amending.