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February 9, 2021
Question

I need to know where to find this information. income tax for 2019. This is the total amount of IRS Form 1040-line 14 minus Schedule 2-line 2.

  • February 9, 2021
  • 1 reply
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this is being asked on my fasfa for my 2021-2022

    1 reply

    February 9, 2021

    Review your copy of your 2019 income tax return.

    1. Look on your 2019 Form 1040, line 14. Then
    2. If you completed Schedule 2, see if there is an amount on line 2. If there is no amount, just enter the 2019 Form 1040, line 14.

    Education tax credits can help you with higher education costs by reducing the amount of tax you owe. There are two credits available, the American Opportunity Tax Credit and the Lifetime Learning Credit. We check both of them for you.

     

    American Opportunity Tax Credit (AOTC)

    You can use this credit for the first four years of college when working towards a degree.

    • Maximum credit is $2,500 per eligible student.
    • Must be enrolled at least half time for at least one semester during the tax year.
    • Up to $1,000 can be refunded to you.

    Lifetime Learning Credit

    There is no limit on the number of years you can use this credit for undergraduate, graduate and professional degree courses, including ones to improve job skills.

    • Maximum credit is $2,000 per tax return.
    • Can be used when you're only taking one class.
    • You don't need to be working towards a degree.
    • None of the credit is refundable.
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