My AGI is substantially less than the LLC phase out threshold ($59K), and I have over $10k of tuition expenses after scholarships. However, TurboTax is only calculating a $1,240 credit for me, instead of the full $2,000 amount. Why is this the case?
The Lifetime Learning Credit is a "nonrefundable" credit. That means it cannot reduce your tax to less than zero, or give you a refund of more than you had withheld. What is the amount on your Form 1040 line 22? If it's zero, you cannot get any higher Lifetime Learning Credit because your tax is already zero with the $1,240 credit.
The Lifetime Learning Credit is a "nonrefundable" credit. That means it cannot reduce your tax to less than zero, or give you a refund of more than you had withheld. What is the amount on your Form 1040 line 22? If it's zero, you cannot get any higher Lifetime Learning Credit because your tax is already zero with the $1,240 credit.
Thank you! However, I had over $2,000 withheld. Is it possible to see my Form 1040 line 22 through TurboTax Online before paying for filing?
You can view your Form 1040 at any time using the online editions. Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
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