Yes, it may result in a refund, if you qualify. Enter the 1098-T Form in the amended section of TurboTax to see if it makes a difference. If it doesn't, you don't have to file it. Continue to read the information below.
Education tax credits can help you with higher education costs by reducing the amount of tax you owe. There are two credits available, the American Opportunity Tax Credit and the Lifetime Learning Credit. We check both of them for you.
American Opportunity Tax Credit (AOTC)
You can use this credit for the first four years of college when working towards a degree.
- Maximum credit is $2,500 per eligible student.
- Must be enrolled at least half time for at least one semester during the tax year.
- Up to $1,000 can be refunded to you.
Lifetime Learning Credit
There is no limit on the number of years you can use this credit for undergraduate, graduate and professional degree courses, including ones to improve job skills.
- Maximum credit is $2,000 per tax return.
- Can be used when you're only taking one class.
- You don't need to be working towards a degree.
If you're not eligible for either of these credits, we'll see if you qualify for the tuition and fees deduction.
You have to wait
to get the original return refund before
you can mail your Amended income tax return. You
will receive your original refund as you normally would. Check the status at Where's My
Refund? - It's Quick, Easy and Secure. - IRS.gov
The Amended income tax return has to be
mailed and it could take up
to four months to process. The difference you will receive at a much later
time.
See How to Amend (Change or Correct) a
Return You Already Filed to amend your income tax return.
To enter your 1098-T form, click How do I enter Form 1098-T?
