Helping my son prepare his tax return and we have run into an issue with the Lifetime Learning Credit while using Turbo Tax. According to Turbo tax there are 4 reason one would not qualify
1) Someone can claimed as a dependent on their return
2) There is no taxable income on the turn
3) Scholarship, grants and other tax free assistance exceed the education expenses
4) There were no net qualified education expenses
He is 24 and we did not select that he could be claimed on another taxpayers return.
He is single, he is not a nonresident alien and his taxable income is $16,600. He is a at least half time student working on his Graduates degree. Box1 (Qualified Expenses $23,500) of the 1098-T is not greater than than Box 5 (Scholarships $6880).
We are at a loss as we cannot figure out why Turbo Tax indicates that he cannot claim the Lifetime Learning credit education tax break. Your help is greatly appreciated.
