Yes, when you receive your refund, it would be a good idea to save the amount you receive for the American Opportunity Credit because you will likely have to pay most of it back. You will need to prepare an amended tax return to determine the exact amount you will owe back.
You may be eligible for the Lifetime Learning Credit since you do not qualify for the American Opportunity Credit. TurboTax will help you determine if you are eligible for this credit. Here are the requirements to claim the Lifetime Learning Credit:
- You (or your dependent or a third party) paid qualified education expenses for higher education
- You paid the education expenses for an eligible student
- The eligible student is you, your spouse, or a dependent you claim an exemption for on your tax return
Once your tax return is accepted, you can prepare an amended tax return by following these steps:
- Log into TurboTax and click on "Tax Home"
- Scroll down to Your tax return & documents (you may need to select Show), select 2019 and then Amend (change) return.
- Select Amend using TurboTax Online
Please see this TurboTax article for more information on the Lifetime Learning Credit.
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