What happens to the $1000 refundible portion of the american opportunity tax credit if I get no refund and owe tax?
I see the $1500 credit in Turbotax but I don't see where the other $1000 is on forms of the $2500 of which I am eligible. I do not see any explaination for this on the TurboTax web site for which make sense to me.
What happens to the $1000 refundible portion of the american opportunity tax credit if I get no refund and owe tax?
The $1,000 refundable American Opportunity Credit is on form 1040 Line 68. It would get deducted from the tax you owe. It's like getting the $1,000 in hand and turning around and paying your taxes owed with it.
What happens to the $1000 refundible portion of the american opportunity tax credit if I get no refund and owe tax?
The $1,000 refundable American Opportunity Credit is on form 1040 Line 68. It would get deducted from the tax you owe. It's like getting the $1,000 in hand and turning around and paying your taxes owed with it.
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