The easiest way to see how the credit was calculated and/or limited by your tax liability is to view Form 8863. Line 19 is the total education credit that gets reported on Schedule 3.
- Before claiming the Lifetime Learning credit, you should determine whether you qualify to take the American Opportunity credit.
- For most students who are in one of their first four years of post-secondary education, the American Opportunity credit can provide greater tax savings.
- The maximum amount for the American Opportunity credit is $2,500.
What Is the Lifetime Learning Tax Credit?
Generally speaking, the IRS only lets you take one education credit or deduction. If you qualify for two or more education credits or deductions, the TurboTax Education Optimizer picks the one that gives you the biggest tax break. To override this selection, open your return, search for letme (one word, no space), and select the Jump to link. This will take you to the Education Credits and Deduction screen, where you can switch to a different education credit or deduction, assuming you meet the qualifications. The optimizer will provide some more details on the education credit(s) that you qualify for.
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