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I paid over $10,000 in college tuition for my daughter. My income is approximately $200K should I be able to get a college tax credit?

 
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1 Reply
JohnH2
New Member

I paid over $10,000 in college tuition for my daughter. My income is approximately $200K should I be able to get a college tax credit?

You may be able to obtain a college tax credit, depending on your filing status and your Adjusted Gross Income.  If you are filing a Married Filing Joint return, the American Opportunity Credit (AOC) phases out at an Adjusted Gross Income of $180,000.  The Lifetime Learning Credit (LLC), for the same filing status, phases out at $130,000 of Adjusted Gross Income.   TurboTax will give you the best education tax benefit between the three available options:  American Opportunity Credit; Lifetime Learning Credit or the Tuition and Fees deduction.  The following TurboTax link provides additional details for the two Education Credits.  The following TurboTax FAQ provides additional guidance on the Tuition and Fees Deduction:

https://ttlc.intuit.com/replies/3302271  

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