Great news. When reviewing your details, you are allowed the Lifetime Learning Credit (LLC) which is being applied accurately. Your tax liability before the credit is higher than the allowed credit. If you spend at lease $10,000 on higher education, and if you have already used the American Opportunity Tax Credit (AOTC) in the first four years of qualified education, then you are allowed the following maximum credit.
Lifetime Learning Credit (LLC)
- The amount of the credit is 20 percent of the first $10,000 of qualified education expenses or a maximum of $2,000 per return. The LLC is not refundable. So, you can use the credit to pay any tax you owe but you won’t receive any of the credit back as a refund.
This credit is allowed to reduce your tax dollar for dollar up to the amount of tax liability.
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