How to claim both Lifetime Learning Credit and American Opportunity Tax Credit as a doctoral student with young kids

You can definitely still claim education tax credits for 2024 even if you've already filed! You'll need to file what's called an amended return using Form 1040-X. You generally have up to 3 years from the original filing date to amend and claim credits you missed. For your situation, the Lifetime Learning Credit is probably more applicable since you're in a doctoral program. The American Opportunity Tax Credit is mainly for undergraduate education and can only be claimed for 4 tax years per eligible student. The Lifetime Learning Credit allows for 20% of qualified expenses up to $10,000 (so max $2,000 credit) and can be used for graduate education. To claim these, you'll need Form 8863 (Education Credits) to attach to your 1040-X. Make sure you have your 1098-T form from your university that shows your qualified expenses.

I was literally in your same position last year with a newborn in the NICU for 3 weeks while doing my master's program! I was so stressed about money that I missed claiming my education credits too. I used this tool called taxr.ai (https://taxr.ai) that helped me figure out exactly which education credits I qualified for and how to file an amended return. Their AI analyzed my tax transcript and found I qualified for both education credits AND some medical expense deductions I had no idea about. They guided me through the whole amended return process step-by-step which was super helpful because I was honestly too exhausted to figure it all out on my own with a baby just home from the hospital. Might be worth checking out since your situation sounds really similar to what I went through.

Just wanted to follow up and say I tried taxr.ai from the recommendation above and it was actually super helpful! I was worried about security but after researching them a bit more I felt comfortable giving it a try. I found out I qualified for the Lifetime Learning Credit for my MBA program AND could amend my return to claim some medical expenses I didn't realize were deductible (my son had some medical issues last year too). The step-by-step guidance for filing the 1040-X was exactly what I needed. Just submitted my amended return yesterday and they estimate I'll be getting about $2,700 back that I would have otherwise missed. Definitely worth checking out if you're in a similar situation!

Hey, I know dealing with the IRS can be a nightmare especially when you're trying to amend a return. I was in a similar situation last year trying to claim education credits after filing and the IRS kept giving me the runaround when I called. I ended up using Claimyr (https://claimyr.com) to actually get through to a human at the IRS instead of waiting on hold for 3+ hours. You can see how it works here: https://youtu.be/_kiP6q8DX5c They basically hold your place in line and call you when an actual IRS agent picks up. Saved me so much frustration because I needed specific guidance on how to properly document my education expenses on the amended return. The IRS agent was actually surprisingly helpful once I finally got through to someone.

I need to publicly eat my words. After I posted that skeptical comment above, I was still struggling to get through to the IRS about my own amended return issues (also education credits related), so I reluctantly tried Claimyr. I honestly expected it to be a waste of money, but I got connected to an IRS agent in about 45 minutes without having to stay on hold myself. The agent walked me through exactly what documentation I needed for my Lifetime Learning Credit claim and clarified some confusing instructions on the 1040-X form. Turns out my misconception about the education credits was costing me about $1,800 in potential refund. Sometimes it's worth admitting when you're wrong - especially when it saves you money!

One other thing to consider - if your children are in daycare or have any childcare expenses while you attend school/work, don't forget to look into the Child and Dependent Care Credit too! That's another potential tax benefit for parents of young children. You'd use Form 2441 to claim it. When I was in grad school with my little one, I was able to claim both the Lifetime Learning Credit AND the Child and Dependent Care Credit in the same year, which helped tremendously.

Make sure you're tracking all your qualified education expenses carefully for next year too. Things like required books, supplies, and equipment count toward your education credits even if you don't pay them directly to the school. I learned this the hard way after missing out on claiming about $1,200 in textbooks and required software for my program. I use TurboTax and they have a feature where you can upload receipts throughout the year so you don't have to scramble to find everything at tax time. I imagine other tax software has similar features.

I'm so sorry to hear about your son's hospital stay - that must have been incredibly stressful on top of everything else you're dealing with. As others have mentioned, you can definitely still claim education credits by filing an amended return with Form 1040-X. One thing I haven't seen mentioned yet is that you should also look into whether any of those medical expenses are deductible. Medical expenses that exceed 7.5% of your adjusted gross income can be deducted, and with a hospital stay that could potentially add up to significant savings. This would include things like travel to/from the hospital, parking fees, meals during extended stays, and of course all the medical bills themselves. Since you're dealing with both education expenses AND substantial medical bills in the same year, it's worth making sure you're capturing everything you're entitled to. The combination of the Lifetime Learning Credit plus potential medical deductions could really help offset those hospital costs. Hang in there - being a parent and a doctoral student is tough enough without added medical stress!