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Level 15
Level 15

Investors & landlords

You might be able to claim a tax credit for the college tuition that you paid - either the American Opportunity Credit or the Lifetime Learning Credit - depending on your specific situation. TurboTax will ask you questions to determine whether you meet the requirements to claim one of those credits.

 

You ask whether you will "get money back." You don't get money back from the government for specific expenses or losses. Whether the government actually sends you a check or not depends on your total tax for the year and how much tax you had withheld from your pay during the year. Your tax return calculates your total tax for the year, taking into consideration things such as your investment loss and tuition that you paid. If the amount of tax that you had withheld from your pay is more than the total tax on your tax return, you get a refund of the excess. If the tax that you had withheld from your pay is less than the total tax on your tax return, you have to pay the difference when you file your tax return.