Lifetime Learning Credit

Forum|Forum|3 years ago
March 6, 2023
3 replies
45 views

I am a graduate student. I have previously qualified for the maximum amount of $2000 lifetime learning credit. However, this year I only qualify for $904. My income is less than the years prior, however, my tuition is still the same. I do indeed qualify for the maximum $2000, lifetime learning credit however, Turbotax is only crediting $904. Can someone help?

MarilynG

Level 15

Since this is a credit against taxes owed, and you had less income in 2022, is $904 the amount of tax you owed?

Here's more info on the Lifetime Learning Credit.

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LeticiaencaAuthor

Level 2

Why would I owe more taxes if I made less money though?

AbrahamT

Level 8

After you input the amounts from your Form 1098T on your tax return software, a form 8863 should be generated which will show you how the credit is being calculated. Compare that to the form 8863 that was generated from the year before so you can see the variations. See HERE for further guidance and instruction as to use of this form.

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