topic Education credit in Deductions & credits

Education credit

Kvr — Tue, 28 Jan 2020 16:16:47 GMT

I dropped out of school in March and received a 1098-T, am I eligible to claim any learning credit since I was only a student for 3 months of 2019?

Re: Education credit

TomK100 — Tue, 28 Jan 2020 16:48:57 GMT

Probably not.

To be eligible for the American Opportunity Tax Credit, the student must:

Be enrolled at least half time for at least one academic period* beginning in the tax year

*Academic Period can be semesters, trimesters, quarters or any other period of study such as a summer school session. The schools determine the academic periods. For schools that use clock or credit hours and do not have academic terms, the payment period may be treated as an academic period.

To be eligible for the Lifetime Learning Credit, the student must:

Be enrolled for at least one academic period* beginning in the tax year.

*Academic Period can be semesters, trimesters, quarters or any other period of study such as a summer school session. Academic periods are determined by the school. For schools that use clock or credit hours and do not have academic terms, the payment period may be treated as an academic period.

You can enter the information from your 1098-T, and the program will determine if you are eligible tor any education credits.

Re: Education credit

Kvr — Tue, 28 Jan 2020 17:04:23 GMT

Using the program it gives me the lifetime learning credit however I’ve typed in my information into H&R Block and tax act and they all give me a different refund amount

Re: Education credit

LinaJ2020 — Tue, 28 Jan 2020 17:52:07 GMT

It is not about who can give you the highest refund. This is all about compliance with IRS tax laws. By using TurboTax products, when you follow through its step by step interview questions and answer all the questions correctly, it guarantees you all the tax benefits including credits and deductions you are entitled to by the IRS regulations. In addition, with TurboTax Guarantee, every TurboTax customer/user is guaranteed our program's accuracy. If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest.

Re: Education credit

fightmode — Tue, 04 Feb 2020 22:09:02 GMT

I just wanting to get help with filling another W2 form if my Federal was already accepted

Re: Education credit

TomK100 — Tue, 04 Feb 2020 22:35:29 GMT

You can claim the credits for any amounts not refunded if the student withdraws. IRS Qualified Education Expenses

@Kvr

You will need to wait to see if your tax return has been accepted or rejected by the IRS.

If rejected, simply log back into your return, and enter your W-2 information.

If your return is accepted, you will need to amend your return using Form 1040-X (not available until about mid-February).

Form 1040X can't be e-filed per IRS regulations.

After you finish amending in TurboTax, we'll guide you through printing and mailing your 1040X along with any required attachments.

Three weeks after mailing your amendment, you can start tracking it at Where's My Amended Return? on IRS.gov.

@fightmode