How to File Form 8863 for American Opportunity Tax Credit for 2022

Students and their parents are generally eligible to claim either the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Tax Credit via Form 8863 on their Form 1040.
In this video, I cover the American Opportunity Credit (AOC) for parents with a married filing joint tax return, where they have two children enrolled in college full-time. The parents pay for the tuition and can claim the children as dependents on their tax return.
The AOC is a maximum credit of $2,500 per student, and it can only be claimed for 4 years for each student. Once the student has claimed the AOTC for all four years, they may still be eligible to claim the Lifetime Learning Credit if they continue to take classes in higher education.
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[@AllAmericanGuyExpert]

I'm sorry, but the hard part of this form is figuring scholarships. Glad you went through all of this, but when there are scholarships involved, there is a weird trick involved in how to calculate the credit. It's also interesting when the student is independent, even at age 20 or so.

[@nadinepenland5602]

if my son was under me for insurance but the IRS is asking him for 8962 do I use my information on form 1095A

[@EremNazir]

can we

[@andyveh221]

I just learned about the AOTC after I had taken out money from the 529 plan during the last calendar year. Let's say that educational expenses were $8765.43 and that I took out $8765.43 from the 529 plan. If I like to apply $2000 from the AOTC, does that mean that should have taken out $2000 less from the 529 plan? Does it mean that I now have to pay taxes and penalty on those $2000 that I perhaps shouldn't have taken out?