Long story short: Tax advisor claimed I was eligible for the American Opportunity Act/Education Credit. I got a $2,500 refund because of that credit. I was audited and I then sent the required proof to the IRS about my student status etc. and after months of waiting they determined that the tax credit is only for the first 4 years of education, even if your education lasts longer than that. Mine did, and unfortunately, I owe $2,500 plus interest. I obviously had no idea about any of this and all the related "limits" and "credits", which is why I trusted a professional with my finances and tax returns to help me. I have a feeling I can't do anything about this and I just have to pay back the money. I already signed the form that I agree and signed the check, but before I mail it out tomorrow... is there anything I can do? I feel like calling my tax advisor and blaming her for everything but that won't change the outcome. What happens when a tax advisor states you were eligible for a tax credit and obviously weren't and you now have to pay back that money?
Thank you in advance.
Submitted April 21, 2019 at 07:55PM by latudamed http://bit.ly/2DnXuy4
