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NomeMan
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Why am I not getting the full American Opportunity Credit?

I paid a LOT in tuition for my daughter this year, but TurboTax is only showing an educational credit of $670 for the American Opportunity Credit instead of the $2500 I got last year. 

 

When I go to the deduction summary, TurboTax is not showing other credits that it said I was eligible for previously such as home energy credits and vehicle registrations.  Very frustrated. 

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1 Reply

Why am I not getting the full American Opportunity Credit?

NomeMan,

 

Not knowing your tax situation, the most likely cause for this would be:

 

American Opportunity Credit phaseout – If your modified adjusted gross income (MAGI) is more than $80,000 ($160,000 if you're married filing jointly), your eligibility will start to “phase out” – meaning you may only qualify for a partial credit or none at all.

 

 

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