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The LLC is non refundable. It can only be used to offset an income tax liability.
Thanks! That makes sense, but it's still showing that I owe quite a lot in federal taxes. Does "offset an income tax liability" mean that the LLC would be deducted from what I owe? If so it looks like it is not working properly.
Q. Does "offset an income tax liability" mean that the LLC would be deducted from what I owe?
A. Yes.
If you are eligible, you have answered something wrong, in the interview. Go thru the interview again (you may want to delete and start over). But, a lot of people are just not eligible.
see this TT FAQ https://ttlc.intuit.com/questions/3383321-why-didn-t-i-get-a-credit-or-deduction-for-education-expen...
and this
Thanks! Since it's showing "Yes" under eligibility, it looks like I am eligible and the program must not be working correctly. I've inputted my 1098-T three times.
I see you're using TT Self Employed.
The LLC cannot be used to offset self employment tax; only income tax.
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