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ncas33863
New Member

If I paid 11565 in college tuition fees, more than what I have actually made for the year, why am I not getting any credit for my tuition?

 
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2 Replies
TeresaM
Expert Alumni

If I paid 11565 in college tuition fees, more than what I have actually made for the year, why am I not getting any credit for my tuition?

If you are not being claimed as a dependent, and have qualifying tuition from your Form 1098-T that was not covered by a grant or scholarship, then you may be eligible for either an American Opportunity Credit or a Lifetime Learning credit.  There is a refundable portion of the AOC but must of it and all of the LLC are non-refundable, which means they apply against tax liability but are not refunded. 

Here is more information about the credits in this TurboTax Help article and if it seems you should qualify, please do share more details so we may better assist. 

If you need extra time and file an extension, it will waive failure-to-file penalties until October 18th. However, if you would have owed tax on April the 18th, the IRS will assess monthly late payment penalties and interest until you pay.

I recommend to extend your return with a TurboTax Extension and also pay your best guess of anything you may owe. If you overpay, it will be refunded. If you underpay, it will only calculate penalties on the part that was not paid.

TurboTax has a tool called TaxCaster to give you an idea of your tax liability and/or refund. You can vary different items and see how that could impact your return. Click for TaxCaster
 

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Hal_Al
Level 15

If I paid 11565 in college tuition fees, more than what I have actually made for the year, why am I not getting any credit for my tuition?

There's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. It is usually best if the parent claims that credit. 

You cannot claim a credit if you are, or can be, claimed as a dependent by someone else.

 

Reference: Line 7 instructions for form 8863. https://www.irs.gov/instructions/i8863

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