American Opportunities Credit

dtruell · ‎May 31, 2019

Form 1098-T shows $12327 in Box2 with $5500 in box 5. I paid the difference of $6827. Turbo Tax gives me a $1000 credit but it seems to me that I should get $2500. Can't find worksheets where the $1000 was calculated

Texas Roger · ‎May 31, 2019

To get the other $1500 you must have taxable income after deductions and exemptions resulting in a tax liability of at least $1500 for the non refundable portion of the American Opportunity Credit to offset. The $1000 portion is refundable meaning you don't need to offset it with a tax liability to get it. Did you have a tax liability on line 44 of form 1040 orline 28 of form 1040A?

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Texas Roger · ‎May 31, 2019

To get the other $1500 you must have taxable income after deductions and exemptions resulting in a tax liability of at least $1500 for the non refundable portion of the American Opportunity Credit to offset. The $1000 portion is refundable meaning you don't need to offset it with a tax liability to get it. Did you have a tax liability on line 44 of form 1040 orline 28 of form 1040A?