pkd5p
New Member

Why did I not receive the full $2000 from the Lifetime Learning Credit? 20% of expenses would be $2K and income should not have been phased out.

My education expenses were about $58K with $16K scholarship, so $42K. My income for the year (from summer internship) was about $21K. So my MAGI should not be high enough to include any phase-outs, and 20% of the $42K should result in the full $2K for the LLC, yet I only received about $1.2K. Why am I not getting the full $2K?