2022 W2 - $80K
Student #1 Tuition - $67K
Student #2 Tuition - $64K
Eligible expenses - $3.4K
Unemployed as of the summer.
We sold stocks, and other assets to pay for the $134k in education and living expenses.
Are we really ineligible for any education tax credits? Please tell me there is a glitch in TurboTax.
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The income limits for claiming the Lifetime Learning Credit (LLC) and the American Opportunity Credit (AOC) are:
Your MAGI would include investment income, so if you sold stock with capital gains the same year, and your filing status is Single or head of household, then you MAGI could easily exceed the limits. The students may be able to file and take the credit if they are not claimed as dependent on someone else's tax return.
For more information see: Tax Year 2023 Education Benefits Comparison Income qualifications were the same for 2022 and 2023.
Q. Are we really ineligible for any education tax credits?
A. Yes, if you realized capital gains that raised your income above $180,000 for the year.
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