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aliciacameron23
Returning Member

Should I upgrade to TurboTax Deluxe for Tuition and Fees Deduction?

My college expenses were about $13k last year. I currently have an "American Opportunity Credit" but am wondering if it's likely I'll get money back for "Tuition and Fees Deduction" or "Lifetime Learning Credit" if I upgrade. 

 

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2 Replies

Should I upgrade to TurboTax Deluxe for Tuition and Fees Deduction?

If the software is giving you the refundable AOC   take it----the other ones you mentioned are not refundable,  They do not add to your refund---they can only reduce tax you owe,

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Hal_Al
Level 15

Should I upgrade to TurboTax Deluxe for Tuition and Fees Deduction?

How much is your American Opportunity Credit (AOC).  The max is $2500, with $1000, of that, refundable.

 

You are VERY  VERY unlikely to get more with the  Tuition and Fees Deduction (TFD) or Lifetime Learning Credit(LLC).  The usual reason for switching is that you want to save one of your four allowable AOC years for later when it will be more. Graduate school is not eligible for AOC, so there's a short limit to how long you can delay. 

 

You can check it by typing "letme" in the search box in TT and it will give you the option to select LLC or TFD. Try it, if you get better results, leave it, otherwise change it back.

Type letme (no space between let & me) in the search box. When the dropdown list appears, click on letme rather than "jump to letme'. On the next drop down, click on the "jump to letme” link.

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