It looks like the system is giving me a $4000 deduction but no education credit.
You'll need to sign in or create an account to connect with an expert.
Since the American Opportunity Credit is not refundable, the tax benefit from taking an Education deduction may be greater than the benefit from an Education credit.
You can click on Forms in the upper right corner and look at the Education Tuition and Fees Summary (Tuition Smmary) worksheet and/or Form 8863.
The Education Tuition and Fees Summary shows the calculation of the allowable Tuition and Fees Deduction as well as the tentative Education Credits. You can click on the QuickZoom to Form 8863 and/or Form 8917.
You should also look at Question 1 on the Education Tuition and Fees Summary and make sure the Launch Optimizer box is checked. (See the screenshot below)
Please go to the link below and read the differences between the credits, deductions, etc.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
drewdippold
Level 1
RedCC2B
Level 1
linkwalls
New Member
patty315
New Member
TaxPayer8881
Returning Member