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I had qualified for lifetime learning credit for $1700 does this get refunded with my federal tax return? Or do I need to take another step to process that.
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June 4, 2019
10:23 PM
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Education
No, your Lifetime Learning Credit is factored into your refund or taxes owed-it is not processed separately.
June 4, 2019
10:23 PM
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So I will get an additional $1700 along with my refund? When I look at "track my refund" it only says the amount I get back from federal.
June 4, 2019
10:23 PM
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It will actually reduce your tax liability by $1,700. That reduction is factored into your refund result
June 4, 2019
10:23 PM
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So the refund amount is all that I will receive? Last year I was refunded 1200 just for school. Why would I not be getting anything this year.
June 4, 2019
10:23 PM
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Sorry I'm still a little confused. The credit was just a reduction? Not something I will be refunded? That's what I meant by last year. I was physically given back that money. Is that any different than this year?
June 4, 2019
10:23 PM
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The Lifetime Leaning credit was a tax break to you that was factored into (or included) in your refund amount. Without the credit, you may have owed taxes. The credit reduced your tax liability enough to get you that refund amount.
June 4, 2019
10:23 PM
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I don't understand what would have made me owe 1200 more ham lat year. I had same income and same amount of tuition. When I first put in educational costs it said I was getting that amount refunded then automatically said unqualified for lifetime learning credit. I didn't choose to use that. Is there a way I can go back and take that off so I can be refunded this amount?
June 4, 2019
10:23 PM
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I don't understand what would have made me owe 1200 more than last year. I had same income and same amount of tuition. When I first put in educational costs it said I was getting THAT amount refunded then automatically said i qualified for lifetime learning credit. I didn't choose to use that. Is there a way I can go back and take that off so I can be refunded this amount? *sorry there were mistakes in the last message*
June 4, 2019
10:23 PM
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Education
If your return has not been filed and accepted by the IRS, you cannot change it.
June 4, 2019
10:23 PM
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It shows that it has been accepted both federal and by state. Is there a time that I can change and just take "lifetime learning credit" off?
June 4, 2019
10:23 PM
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You can later amend your return to remove it, but why would you? TurboTax gave you your most advantageous educational tax benefit.
June 4, 2019
10:23 PM