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I did not qualify for the lifetime learning credit because it says my income is more than 65k, that is not true. How do I fix this?

 
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maglib
Level 10

I did not qualify for the lifetime learning credit because it says my income is more than 65k, that is not true. How do I fix this?

At the end of the input section for your education expenses you must click "Maximize my education Tax Breaks" which will optimize your credits. You can only get 1 education tax credit if you qualify AOTC or LLC and now tuition as Trump extended that deduction too....  

The full credit may be claimed by people with adjusted gross income (AGI) of up to$80,000 for single taxpayers and $160,000 for married taxpayers filing jointly. The credit is gradually reduced at higher income levels.

Details on LLC:  https://turbotax.intuit.com/tax-tips/college-and-education/what-is-the-lifetime-learning-tax-credit/...

**I don't work for TT. Just trying to help. All the best.
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I did not qualify for the lifetime learning credit because it says my income is more than 65k, that is not true. How do I fix this?

You are eligible to claim the Lifetime Learning Credit if all of the following requirements are met:

  • You (or your dependent or a third party) paid qualified education expenses for higher education.
  • You paid the education expenses for an eligible student.
  • The eligible student is you, your spouse, or a dependent you claim an exemption for on your tax return.
  • Your modified adjusted gross income is less than $66,000($132,000 if you are married filing jointly).
  • The credit is reduced between $56,000 and $66,000 ($112,000 and $132,000).

One of the advantages of the Lifetime Learning Credit is that you can take the credit every year for higher education as long as you meet the qualifying requirements.



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