lifelong credit

[crosscountry321]

The worksheets, yes that is what I am trying to say that I am looking for....but where are they. I get back in and do all the instructions, but still no worksheets....what am I missing, I can see the tax summary and that is it....please advise. Thanks so much.

[DoninGA]

To access your current year online tax returns sign onto the TurboTax website with the userID you used to create the account - https://myturbotax.intuit.com/

When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state. 

This will take you back to the 2019 online tax return.

Click on Tax Tools on the left side of the online program screen.  Then click on Print Center.  Then click on Print, save or preview this year's return.  Choose the option Include government and TurboTax worksheets

[AmeliesUncle]

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@crosscountry321 wrote:

I need to check in Turbo to see if the lifelong learning credit was given. How can I see this now that it has been completed?

Meanwhile, when calculating my own form 8863 w/schedule 3 and credit limit workshet, it appears I should receive the lifelong credit of $2000. I attend 2 unv., had $44,000 in actual wages. School 1 had $12,000 rec'd qualified tuition/expenses paid in student loans and then $4000 on scholarships (108-T). School 2, all tuition/fees paid w/scholarships and $14000 left over of scholarships.

After offsetting the taxable $14 of scholarships on Line 1 with books, line 1 of 1040 b/c $47,000...so total taxable income is $3,000). 

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Are you saying that your total scholarships are $3000 more than your total tuition and fees?

If so, you don't necessarily qualify for the Lifetime Learning Credit.  You would not have any tuition to qualify for the credit, which would mean $0 credit.  There is an option to intentionally make MORE of the scholarships taxable which would then allow the credit, but causing more scholarships to be taxable would also increase your income tax.

[Critter-3]

I think what you are trying to do is make some of the scholarship taxable so you are eligible for the LLC... if so the program may not have understood what you were doing.   On the other hand, the LLC will only negate your federal tax liability ... it is not refundable.   Review the return carefully ... it that what happened ?

[crosscountry321]

The $3,000 is taxable (after counting for the qualified tuition and books, equipment).  So how can this be fixed? Is this the right way to do the Adjusted Qualified Education worksheet, do you include taxable scholarships or just tax-free on the worksheet (so the $3,000 would not be included on the worksheet)? 

Also, what does "not" refundable mean?

[crosscountry321]

How much scholarship would need to be taxable in order to be eligible for the credit? 

[Critter-3]

OK ... what is your goal ???   Your tax liability is already at zero so what is to gain ???   Even if you raised your income  in order to generate some tax liability so the LLC can negate it you will still be at the same place ... ZERO.    This is like saying let's walk around the block  to get back to the place we currently are.   Look at the form 1040 ... is line 12a a zero ... if so you are done.  

nonrefundable  =  cannot be refunded  ... it can only negate tax and cannot be added to the refund like the AOTC you may have had in the past.

[crosscountry321]

Thanks....the amount is $4,000 on 12a on the 1040.  Can you help?

[Critter-3]

Ok ...so you have a tax liability.  But you also said you had taxable scholarship reported on line 1 ...  if that is the case then you are not eligible for a credit since your SCH money was greater than the qualified expenses.  Review the education credit section again carefully for input errors.   Also if you are being claimed as a dependent the LLC is not allowed ... review that as well.   You may want to delete that section and try it again. Review the forms and the worksheets carefully ...

You can peek at only  the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

To pay the TurboTax online account fees by credit card, without completing the 2019 return at this time, click on Tax Tools >>> Tools  and then Print Center.  Then click on Print, save or preview this year's return.  On the next page, to pay by credit card, click Continue.  On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button.  The next screen will ask for all your credit card information so you can pay for the account.