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Why am I receiving almost $2500 from the American Opportunity Tax Credit on my refund, if the refundable portion of AOTC is only up to $1000 (40% of $2500)?
My understanding is that the AOTC is refundable up to 40% ($1000) in cash added to my refund, however TurboTax added the full $2500 to my refund amount. I'd rather not be audited by the IRS and just want to be sure this is correct, and how I can fix it if it's not. Thanks in advance!
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May 31, 2019
7:29 PM