I have seen a few different posts on this topic that usually determine the poster has income that is too low or too high to qualify. I do not believe this applies to my situation.
A few key pieces of information:
- I am filing Single.
- I am a graduate student enrolled at least half time
- My MAGI is $12,565 (well below the $80,000 phase-out start) after adjusting for small business ta.
- I have $24,607 in net qualified education expenses (significantly more than the $10,000 needed to calculate the maximum potential credit).
- I am not claiming the American Opportunity Tax Credit.
- I cannot be claimed as a dependent.
- I have a federal tax liability of $746 to offset.
Based on all of this I believe I should be able to the LLC to offset my $746 federal tax liability.
