I'm trying to figure out why I don't qualify for the Lifetime Learning Credit and it's baffling me. All signs point to me being able to claim it, but it keeps coming back to tell me I'm getting $0.
For reference, my education expenses were over $10k, I am a graduate student (so I don't qualify for the American Opportunity Credit), and I made around $1500 in wages (from both a retail job and a self employed job) over the course of the year. Can anyone give me any insight into why I'm not qualifying for the $2000 refund? Is it because I was self employed for a few months? I don't get it.
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The Lifetime Learning Credit is not a refund. it is a credit that can reduce the ordinary income tax you owe. If you only had income of $1500, then you do not owe any tax, so no credit is applied.
The Lifetime Learning Credit is not a refund. it is a credit that can reduce the ordinary income tax you owe. If you only had income of $1500, then you do not owe any tax, so no credit is applied.
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