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What is wrong with lifetime learning deduction on turbotax?
I paid 50,000 in tuition, but it says my lifetime learning credit deduction is just $221. That doesn't make sense, it should be the maximum 2000
June 14, 2019
2:11 PM
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Education
The Lifetime Learning Credit (LLC) is a non refundable credit. It is limited to your calculated tax liability (line 11 of form 1040).
The $221 comes from line 19 of form 8863, which comes from the "Credit Limit Worksheet". See page 7, at https://www.irs.gov/pub/irs-pdf/i8863.pdf
June 15, 2019
9:13 AM