No, your Lifetime Learning Credit is factored into your refund or taxes owed-it is not processed separately.
So I will get an additional $1700 along with my refund? When I look at "track my refund" it only says the amount I get back from federal.
It will actually reduce your tax liability by $1,700. That reduction is factored into your refund result
So the refund amount is all that I will receive? Last year I was refunded 1200 just for school. Why would I not be getting anything this year.
You are-the $1700 tax break-the reduction of your tax liability.
Sorry I'm still a little confused. The credit was just a reduction? Not something I will be refunded? That's what I meant by last year. I was physically given back that money. Is that any different than this year?
I have not gotten it yet. But Yes I will and it only says $280
The Lifetime Leaning credit was a tax break to you that was factored into (or included) in your refund amount. Without the credit, you may have owed taxes. The credit reduced your tax liability enough to get you that refund amount.
I don't understand what would have made me owe 1200 more ham lat year. I had same income and same amount of tuition. When I first put in educational costs it said I was getting that amount refunded then automatically said unqualified for lifetime learning credit. I didn't choose to use that. Is there a way I can go back and take that off so I can be refunded this amount?
I don't understand what would have made me owe 1200 more than last year. I had same income and same amount of tuition. When I first put in educational costs it said I was getting THAT amount refunded then automatically said i qualified for lifetime learning credit. I didn't choose to use that. Is there a way I can go back and take that off so I can be refunded this amount? *sorry there were mistakes in the last message*
If your return has not been filed and accepted by the IRS, you cannot change it.
It shows that it has been accepted both federal and by state. Is there a time that I can change and just take "lifetime learning credit" off?
You can later amend your return to remove it, but why would you? TurboTax gave you your most advantageous educational tax benefit.