It depends on your exact situation. Whether
you receive an education tax benefit depends on whether you meet all of the
requirements to claim the benefit.
- If you qualified for
the benefit then it depends on:
- the amount of your
qualified education expenses
- the amount of your
taxable income, if any
- the amount of your
tax liability, if any
Although the American Opportunity credit is a partially
refundable credit, generally, education benefits will either reduce your
taxable income or reduce your tax liability. Please refer to the following FAQ
for additional clarification about your tax liability. https://ttlc.intuit.com/replies/4488009
Additionally, qualified education
expenses are reduced by any tax free assistance that you receive such as
scholarships. According to page 13 of
Pub 970,under the heading, "no double benefit allowed", you cant
"claim a credit based on qualified education expenses paid with tax free
educational assistance such as a scholarship, grant, or assistance provided by
an employer." For additional information, also refer to page 13 of Pub
970, under the heading, "tax free educational assistance" for more
information. https://www.irs.gov/pub/irs-pdf/p970.pdf
If your modified adjusted gross income is too high, this can also affect your eligibility as well as the amount of the benefit that you can claim. Please refer to pages 19 and 28 under the heading, "effect of the amount of your income on the amount of your credit" and page 38 under the heading, "who cant claim the deduction" for additional information. https://www.irs.gov/pub/irs-pdf/p970.pdf
You can review your tax return in Turbo
Tax for additional clarification.If you have already filed your tax return, please refer to the following FAQ for
instructions on how to do this. https://ttlc.intuit.com/replies/4781488
If you have NOT filed your tax return yet, then refer to the following instructions to view your Form 1040:
- Log
in to your Turbo Tax account
- click
on "take me to my return"
- Click
on "my account" tab at the very top of the screen
- Click
on "tools"
- Click
on "view tax summary"
- Click
on "preview my 1040". This is part of a narrow white bar at the very
top of the screen
- When your 1040 form appears, you will be able to
scroll through and look at the individual tax forms.
- Click
the "back" button when you want to return to your main Turbo Tax
screen. The back button is part of a narrow white bar at the very top of the
screen.
