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iahbudomo
New Member

Does TurboTax automatically check if I'm eligible for the Lifetime Learning Credit when filing through the app? I just found out about LLC and I want to apply for it.

Since applying for the LLC also requires the 1040, do I need to fill out the 1040 again? I already filed my taxes through the app and have received the refund.
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2 Replies
ColeenD3
Expert Alumni

Does TurboTax automatically check if I'm eligible for the Lifetime Learning Credit when filing through the app? I just found out about LLC and I want to apply for it.

If you enter the information from your 1098-T, TurboTax will determine if you qualify. Since you have already filed, you would need to amend to include the information.

 

First, make sure you really need to amend and that your 2020 return was accepted in TurboTax Online or paper-filed through the mail. You can't amend a return that hasn't been filed yet.

  1. Sign in to TurboTax.
  2. Scroll down to Your tax return & documents (you may need to select Show), select 2020 and then Amend (change) return.
    • If you only see the option to amend 2019 or earlier, it's because you can't amend an unfiled 2020 return. Instead, just select Pick up where you left off, make your changes, and disregard the rest of these instructions.
  3. Select Amend using TurboTax Online.
  4. Carefully follow the instructions. Don't worry if your refund changes to $0. This is normal on amended returns.
  5. You can e-file your 2020 amended federal tax return, but most states require amendments to be printed and filed by mail.
  6. If e-filing, you’ll review, sign and transmit your federal return. If not, we'll give you instructions to print and mail your amended return.

Three weeks after mailing your amended return, you can start tracking it at the IRS Where's My Amended Return? tracking tool.  Please allow at least 16 weeks for the IRS to process your amended return.

Processing times for amended state returns vary from state to state. If it's been more than 12 weeks since you mailed your amended state return, and you haven't heard anything, we suggest you contact your state tax agency.

 

 

Carl
Level 15

Does TurboTax automatically check if I'm eligible for the Lifetime Learning Credit when filing through the app? I just found out about LLC and I want to apply for it.

Since you already e-filed and it's been accepted and processed, look at the form 8863 line 31. If there's an amount on that line, then you already got the LLC. Otherwise, if there's an amount on line 29 of the 1040 you got the American Opportunity Credit instead. You can only take one of those credits in a tax year.

The AOC can only be claimed a maximum of 4 years, while there is no limit on the years you can claim the LLC.

 

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