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There are two parts to the American Opportunity Credit (AOC). The first is a maximum nonrefundable credit of up to $1,500 and the second is a $1,000 refundable credit.
A nonrefundable credit is subtracted from your income tax liability, up to the total amount you owe. But unlike a refundable tax credit, a nonrefundable credit cannot reduce your tax balance beyond zero.
If your tax is less than $1,500, then your AOC will be less then $1,500. Depending on the tax form you are filling out, see form:
To preview your 1040 Form in TurboTax Online:
For additional information, click on What Is the Difference Between a Refundable and a Nonrefundable ...
Related information:
[Edited 1-18-19|8:25 am PST]
There are two parts to the American Opportunity Credit (AOC). The first is a maximum nonrefundable credit of up to $1,500 and the second is a $1,000 refundable credit.
A nonrefundable credit is subtracted from your income tax liability, up to the total amount you owe. But unlike a refundable tax credit, a nonrefundable credit cannot reduce your tax balance beyond zero.
If your tax is less than $1,500, then your AOC will be less then $1,500. Depending on the tax form you are filling out, see form:
To preview your 1040 Form in TurboTax Online:
For additional information, click on What Is the Difference Between a Refundable and a Nonrefundable ...
Related information:
[Edited 1-18-19|8:25 am PST]
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