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My AOTC amount is wrong
My education expenses are $1947 and my income is definitely below the income threshold. However, turbo tax is calculating $779 AOTC and $538 education non refundable credit. It's saying I owe $1546 federal tax at the end, so I know that I should get all $1947 as my AOTC. What's going on?
posted
June 4, 2019
4:20 PM
last updated
June 04, 2019
4:20 PM
1 Reply
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My AOTC amount is wrong
The AOTC will decrease your tax liability with 40% being refundable. The AOTC will reduce the total tax, but will not reduce your self-employment tax if you are self-employed. Check to see what your total tax is and verify that that amount has been reduced by the AOTC credit and the remaining amount is SE tax.
June 4, 2019
4:20 PM
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