topic Lifetime Learning Credit Refund in Education

Lifetime Learning Credit Refund

LDamm — Tue, 23 Mar 2021 18:11:01 GMT

Hello,

I've got a too-good-to-be-true Federal refund thanks to a $1,747 bump from the Lifetime Learning Credit. I see that this credit is not refundable, but it is showing up in my TurboTax Federal Refund. I checked everything over and submitted, but I am a little freaked out by this because it just doesn't seem to add up with the information I'm seeing on the IRS site. Any thoughts/guidance/advice that anyone can share is greatly appreciated!

Thank you!

Re: Lifetime Learning Credit Refund

DawnC — Tue, 23 Mar 2021 18:55:08 GMT

It is not a refundable credit, but if you have a tax liability and qualify for the credit, it is probably legit. Look at your Form 1040 and the associated Form 8863, Part ll, Line 19. Your tax liability is listed on Line 16 of Form 1040. Now, if you have duplicated any education expenses, the credit will be overstated. But if you have education expenses reported and you have a tax liability enough to take the credit, it will be automatically included. You can search for letme in the search bar, hit the Jump to letme link to see the education credit option available to you.

Who is eligible for the Lifetime Learning Credit?

What Is the Lifetime Learning Tax Credit?

Re: Lifetime Learning Credit Refund

Hal_Al — Tue, 23 Mar 2021 20:41:51 GMT

Look at form 1040. Your tax liability is on line 16. The LLC is on line 20 (having transferred from form 8863 by way of line 3 of Schedule 3.