in Education
I paid tuition expenses for my daughter and for myself. The net tuition expenses I paid are $22413.00. The program is saying I can't deduct this. Why not?
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The old tuition deduction was eliminated in 2018. But even in the past, it was limited to $4000.
There are two education credits available. The more generous one, The American Opportunity Tax credit (AOTC), only requires $4000 of tuition to get the max credit. The other, The Lifetime Learning Credit (LLC) requires $10,000.
Any thing over those amount is not usable. You may not use your excess to claim a credit for your dependent or vice versa.
The old tuition deduction was eliminated in 2018. But even in the past, it was limited to $4000.
There are two education credits available. The more generous one, The American Opportunity Tax credit (AOTC), only requires $4000 of tuition to get the max credit. The other, The Lifetime Learning Credit (LLC) requires $10,000.
Any thing over those amount is not usable. You may not use your excess to claim a credit for your dependent or vice versa.
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