It depends. If you have paid qualified education expenses and met certain requirements, you should qualify for an education tax break either the American Opportunity Tax Credit AOTC, Lifetime Learning Credit or a Tuition & Fees deduction. If you are eligible for the tax credits, the program will generate a Form 8863 and the amount will show on line 29 of your Form 1040. If it's deduction, you will see a Form 8917 and the amount will show on line 10a of the Form 1040.
You should also be receiving a Form 1098-T issued by your school, make sure you enter the information properly in the program. Here are the steps:
In TurboTax online,
- Sign in to your account, select Pick up where you left off
- At the right upper corner, in the search box, type in "1098t" and Enter
- Select Jump to 1098t
- Follow prompts
To verify your eligibility and read details about these tax breaks, here are the links:
Qualified expenses
Deductions
Credits
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
