Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
fergerberger
New Member

Turbotax only gives 20 for American opportunity credit but hand calculations show much more. Why?

 
1 Best answer

Accepted Solutions
SweetieJean
Level 15

Turbotax only gives 20 for American opportunity credit but hand calculations show much more. Why?

  • To claim the full credit, your MAGI, modified adjusted gross income, must be $80,000 or less ($160,000 or less for married filing jointly).
  • You receive a reduced amount of the credit if your MAGI is over $80,000 but less than $90,000 (over $160,000 but less than $180,000 for married filing jointly).
  • You cannot claim the credit if your MAGI is over $90,000 ($180,000 for joint filers).

View solution in original post

2 Replies
TaxGuyBill
Level 9

Turbotax only gives 20 for American opportunity credit but hand calculations show much more. Why?

Three things come to mind:  (1) you made a mistake in your hand calculations,  (2) you mis-entered something into the program, (3) there is an error in the program.

I haven't heard anybody else comment about an error in the program, so most likely it is one of the first two options.

Without knowing all of the details, it would be impossible for anybody to tell you much more than that.
SweetieJean
Level 15

Turbotax only gives 20 for American opportunity credit but hand calculations show much more. Why?

  • To claim the full credit, your MAGI, modified adjusted gross income, must be $80,000 or less ($160,000 or less for married filing jointly).
  • You receive a reduced amount of the credit if your MAGI is over $80,000 but less than $90,000 (over $160,000 but less than $180,000 for married filing jointly).
  • You cannot claim the credit if your MAGI is over $90,000 ($180,000 for joint filers).

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v