It depends on your exact circumstances. I will provide some information that hopefully can help you gain insight into your situation. However, if this information doesnt address your situation, please provide additional information so that I can better address your concerns.
Whether
you receive an education tax benefit depends on whether you meet all of the
requirements to claim the benefit.
- If you qualified for
the benefit then it depends on:
- the amount of your
qualified education expenses
- the amount of your
taxable income, if any
- the amount of your
tax liability, if any
Although the American Opportunity credit is a partially
refundable credit, generally, education benefits will either reduce your
taxable income or reduce your tax liability. Please refer to the following FAQ
for additional clarification about your tax liability. https://ttlc.intuit.com/replies/4488009
Additionally, qualified education
expenses are reduced by any tax free assistance that you receive such as
scholarships. According to page 13 of
Pub 970,under the heading, "no double benefit allowed", you cant
"claim a credit based on qualified education expenses paid with tax free
educational assistance such as a scholarship, grant, or assistance provided by
an employer." For additional information, also refer to page 13 of Pub
970, under the heading, "tax free educational assistance" for more
information. https://www.irs.gov/pub/irs-pdf/p970.pdf
If you were
able to claim any of these education benefits, you will be able to see that on
your tax return.
If you
filed a Federal Form 1040:
- line 34-
tuition and fees deduction
- line 50 -
education credits [this line item is used to report the lifetime learning
credit and the nonrefundable portion of the American opportunity credit]
- line
68-American opportunity credit [this line item is used to report the
refundable portion of this credit]
If you filed a Federal Form 1040A:
- line 19-
tuition and fees deduction
- line 33-
education credits [this line item is used to report the lifetime learning
credit and the nonrefundable portion of the American opportunity credit]
- line 44-
American opportunity credit [this line item is used to report the
refundable portion of the credit]
To review the entries on your Form 1040:
- Log in to
your Turbo Tax account
- click on
"take me to my return"
- Click on
"my account" tab at the very top of the screen
- Click on
"tools"
- Click on
"view tax summary"
- Click on
"preview my 1040". This is part of a narrow white bar at the
very top of the screen
- When your
1040 form appears, you will be able to scroll through and look at the
individual line items.
- Click the
"back" button when you want to return to your main Turbo Tax
screen. The back button is part of a narrow white bar at the very top of
the screen.
