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kdaltbax
New Member

TurbTax computing only $53 American Opportunity Credit for my son's $17,500 tuition payment. Married filing jointly with 131k Adjusted taxable income. Why not $1000?

 
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2 Replies
PaulaM
Expert Alumni

TurbTax computing only $53 American Opportunity Credit for my son's $17,500 tuition payment. Married filing jointly with 131k Adjusted taxable income. Why not $1000?

Look for how the education credits are calculated on Form 8863 in your documents. You may need to pay for the prep fees before being able to view.

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Hal_Al
Level 15

TurbTax computing only $53 American Opportunity Credit for my son's $17,500 tuition payment. Married filing jointly with 131k Adjusted taxable income. Why not $1000?

Q.  TurboTax computing only $53 American Opportunity Credit for my son's $17,500 tuition payment. Married filing jointly with 131k Adjusted taxable income. Why not $1000?

A. A better question would be why not $2500, the maximum.  $1000 is only the refundable portion.

 

The most likely explanation is Turbo Tax has calculated that you only have $53 of net qualified educational expenses (QEE).  And the most likely explanation for that is that QEE has been allocated to scholarships and/or 529 plan distributions. 

 

Provide the following info for more specific help:

  • Are you the student or parent.
  • Is the  student  the parent's dependent.
  • Box 1 of the 1098-T
  • box 5 of the 1098-T
  • Any other scholarships not shown in box 5
  • Does box 5 include any of the 529/ESA plan payments (it should not)
  • Is any of the Scholarship restricted; i.e. it must be used for tuition
  • Box 1 of the 1099-Q
  • Box 2 of the 1099-Q
  • Who’s name and SS# are on the 1099-Q, parent or student (who’s the “recipient”)?
  • Room & board paid. If student lives off campus, what is school's R&B on campus charge. If he lives at home, the school’s R&B “allowance for cost of attendance” for student living with parents.
  • Other qualified expenses not included in box 1 of the 1098-T, e.g. books & computers
  • How much taxable income does the student have, from what sources
  • Are you trying to claim the tuition credit (are you eligible)?
  • Is the student an undergrad or grad student?
  • Is the student a degree candidate attending school half time or more?
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