Education

There are a few items that can reduce the education credits.  The American Opportunity Tax and the Lifetime Learning Credit are limited to the tax you owe.  The credit will be reduced if your tax liability does not exceed the American Opportunity Tax Credit.  You can view the calculations of the education credits by viewing form 8863.  If using TurboTax Desktop, you can view by selecting forms in the upper right corner.  If using TurboTax Online follow these steps:

1. From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.)
2. Select Tax Tools 
   
3. On the drop-down select Tools 
4. On the pop-up menu titled “Tools Center”, select View Tax Summary 
5. On the left sidebar, select Preview my 1040 

For more information, see the link below:

• Lifetime Learning Credit
• American Opportunity Credit

@Killyh