Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Still need to file? Our experts can get your taxes done right. Get started >
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
JohnQtaxpayer2nd
New Member

The automatically selected "Maximized Savings" on Education-Related Savings is less than another option. How do I select another option listed?

The automated calculation for maximized savings is less than another option considered (option 3).  I don't see how to change it so option 3 is selected (see attached screen shot).

I realize this is pennies, but they all add up.

1 Best answer

Accepted Solutions
AnthonyC
Level 7

The automatically selected "Maximized Savings" on Education-Related Savings is less than another option. How do I select another option listed?

First, just to clarify, a deduction from income (tuition and fees deduction) is generally less beneficial tax-wise than a tax credit because a credit reduces tax liability dollar for dollar, whereas a deduction only reduces taxable income.  So, the education maximizer is designed to give the best tax outcome.

But, you can manually tell the program that you wish to change the education credit selection to see the effect  - 

  • It looks like you might be using the desktop - but if online, log into your account and click Take Me To My Return (you must click this or you will not get the correct link in your search)
  • In desktop, use the search bar (or search topics if MAC) and search for "letme" (one word) - and then click the "jump to letme" section (in online, use the search magnifying glass in the upper right-hand corner)
  • It will bring you to the screen entitled "Education Credits and Deductions”  
  • Follow the prompts and the next screen will let you switch the selection.

View solution in original post

1 Reply
AnthonyC
Level 7

The automatically selected "Maximized Savings" on Education-Related Savings is less than another option. How do I select another option listed?

First, just to clarify, a deduction from income (tuition and fees deduction) is generally less beneficial tax-wise than a tax credit because a credit reduces tax liability dollar for dollar, whereas a deduction only reduces taxable income.  So, the education maximizer is designed to give the best tax outcome.

But, you can manually tell the program that you wish to change the education credit selection to see the effect  - 

  • It looks like you might be using the desktop - but if online, log into your account and click Take Me To My Return (you must click this or you will not get the correct link in your search)
  • In desktop, use the search bar (or search topics if MAC) and search for "letme" (one word) - and then click the "jump to letme" section (in online, use the search magnifying glass in the upper right-hand corner)
  • It will bring you to the screen entitled "Education Credits and Deductions”  
  • Follow the prompts and the next screen will let you switch the selection.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~