topic Re: AOTC in Get your taxes done using TurboTax

AOTC

Knittycrab — Mon, 07 Apr 2025 16:38:44 GMT

TT is not allowing the AOTC based on income (in the preview of the schedule). It is showing a married Taxable Income under the $180,000 threshold. The 1098-T incorrectly showed scholarships in excess of tuition which I corrected by just entering $4000 for tuition and no other numbers (our payments exceed this). I cannot figure out how to get TT to process the AOTC. It is based on taxable and not gross income, correct? TIA.

Re: AOTC

DaveF1006 — Mon, 07 Apr 2025 16:44:38 GMT

It is based on Modified Gross income (MAGI) and not taxable income. Your MAGI (modified adjusted gross income) is your AGI plus certain deductions you must “add back.” These deductions include IRA contributions, student loan interest, one-half of self-employment tax, and qualified tuition expenses,

Re: AOTC

Knittycrab — Mon, 07 Apr 2025 16:49:20 GMT

Thank you so much! I have been staring at this for too long. I assume TT has the additions correct (can’t see final forms). I appreciate it!!