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Education
For those unfamiliar with the workings of the tax form the tax terminology is very confusing. The Tuition & Fees DEDUCTION is a subtraction from INCOME. That apparently has gone away for 2017 returns. American Opportunity & Lifetime Learning are CREDITS applied to TAX that has been calculated on the return. Even if the Tuition & Fees DEDUCTION has gone away, the Tuition & Fees you paid can still be used to calculate the Am. Opportunity or Lifetime Learning CREDIT on your return, if you qualify. The words "deduction" and "credit" are usually 2 completely separate calculations on a tax returns. Then throw in the word "adjustment" - won't go there today! Still confused? So are many of us - so we keep our references close at hand!
‎June 3, 2019
4:41 PM