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nickmclouth123
Level 2
Jun 1, 2019 3:36 AM UTC
Solved

Lifetime learning credit

I paid 15k for school...and it says my lifetime learning credit is around 800 bucks.....it is supposed to be 20% of the first 10k.....last year I did this exact same thing and it gave me an automatic 2000 bucks... help!
Rainman12
Rainman12Answer
Alumni - Champ
Jun 1, 2019 3:36 AM UTC

If you're not paying any taxes after using LLC, you can't possibly get any more benefit Regardless of Amount! Max benefit you can get is to reduce your taxes to Zero ...

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5 replies

Rainman12
Alumni - Champ
Rainman12Alumni - Champ
Alumni - Champ
Jun 1, 2019 3:36 AM UTC
LLC is limited to amount of tax you owe. How much tax do you owe after credits?
nickmclouth123Author
Level 2
Jun 1, 2019 3:36 AM UTC
I don't owe any tax...
Rainman12
Alumni - Champ
Rainman12Alumni - ChampAnswer
Alumni - Champ
Jun 1, 2019 3:36 AM UTC

If you're not paying any taxes after using LLC, you can't possibly get any more benefit Regardless of Amount! Max benefit you can get is to reduce your taxes to Zero ...

Rainman12
Alumni - Champ
Rainman12Alumni - Champ
Alumni - Champ
Jun 1, 2019 3:36 AM UTC

If you owe no tax, then LLC got you max benefit - regardless of amount. It can only be used to reduce taxes owed ...

nickmclouth123Author
Level 2
Jun 1, 2019 3:36 AM UTC
Not sure if I am following this...why would last year give me 2000 and this year way less. I paid nearly the same amount for school last year
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