No. The school will report information about your tuition in one of two ways. Box 1 reports the amount of tuition that the school actually received, to pay for the classes taken generally between April 2016 and December 2016 as well as classes that started within the first 3 months of 2017.
Box 2 reports the amounts that the school billed for the classes that were taken generally between April 2016 and December 2016 as well as classes that started within the first 3 months of 2017.
Since box 2 represents the total amounts billed for tuition and the education benefits are based on the qualified education expenses that you paid in 2016, Turbo Tax will ask you for clarification regarding what amount of tuition you actually paid in 2016 so you will be able to confirm that the amount in box 2 is what you actually paid.
It depends on your exact circumstances as to why the education expenses did not change your refund. Although the American Opportunity credit is a partially refundable credit, the education benefits will generally only reduce your taxable income or reduce your tax liability.
Please refer to the following FAQ if you would like additional information.http://blog.turbotax.intuit.com/tax-deductions-and-credits-2/whats-the-difference-between-a-tax-credit-and-a-tax-deduction-7838/
Additionally, if your adjusted gross income is too high this can reduce the amount of the benefit that you can claim or disqualify you from the claiming the benefit.
If your Son received any tax free assistance such as scholarships, this would reduce the qualified education expense used to calculate the credit.
Please refer to the following Turbo Tax articles for additional information regarding education tax benefits. https://turbotax.intuit.com/tax-tools/tax-tips/College/Take-Advantage-of-Two-Education-Tax-Credits/INF12132.html
No. The school will report information about your tuition in one of two ways. Box 1 reports the amount of tuition that the school actually received, to pay for the classes taken generally between April 2016 and December 2016 as well as classes that started within the first 3 months of 2017.
Box 2 reports the amounts that the school billed for the classes that were taken generally between April 2016 and December 2016 as well as classes that started within the first 3 months of 2017.
Since box 2 represents the total amounts billed for tuition and the education benefits are based on the qualified education expenses that you paid in 2016, Turbo Tax will ask you for clarification regarding what amount of tuition you actually paid in 2016 so you will be able to confirm that the amount in box 2 is what you actually paid.
It depends on your exact circumstances as to why the education expenses did not change your refund. Although the American Opportunity credit is a partially refundable credit, the education benefits will generally only reduce your taxable income or reduce your tax liability.
Please refer to the following FAQ if you would like additional information.http://blog.turbotax.intuit.com/tax-deductions-and-credits-2/whats-the-difference-between-a-tax-credit-and-a-tax-deduction-7838/
Additionally, if your adjusted gross income is too high this can reduce the amount of the benefit that you can claim or disqualify you from the claiming the benefit.
If your Son received any tax free assistance such as scholarships, this would reduce the qualified education expense used to calculate the credit.
Please refer to the following Turbo Tax articles for additional information regarding education tax benefits. https://turbotax.intuit.com/tax-tools/tax-tips/College/Take-Advantage-of-Two-Education-Tax-Credits/INF12132.html