I have six children in college this year. After I entered their 1098-t info etc a box popped up telling me I had more than five students entered and Turbo Tax could not calculate my credits properly. It appears it is only giving me one $4000 credit (for one child?) How can I properly calculate if turbo Tax is unable to?
There is no limit the the number of Dependent Students you can claim for the Education Credits or Deductions.
You should have a Student Information Worksheet for each student, showing the calculations for credit for the expenses of each.
At the Education Expense Summary page (at the end of the Education section) you should see all student listed, or you can 'Add a Student' from this page (screenshot).
You can Edit your Student to see their individual entries to qualify are correct.
You can Edit each student's School to check the 1098-T info.
The credits and deductions do phase out at certain income levels. Click this link for more info on Education Deductions & Credits.
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You do not get a $4000 credit for each student. The maximum credit, per student, is $2500; $1000 of which is refundable. It takes $4000 of tuition, for each student, to get the $2500 maximum credit.
Thank you Hal. I sort of figured that out after I posted my question. I was definitely confused when Turbo Tax stated it couldn't accurately calculate the best deduction for me due to the fact I had more than five students listed, and I didn't qualify for the tuition credit even though my income level was well within the range of a possible credit. When I switched to the American Opportunity Credit Turbo Tax did calculate a deduction based on my six college children. I'm hoping it is correct.