Question

Diff between Refund and credits

Forum|Forum|5 years ago
March 29, 2021
1 reply
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Turbo says I owe no taxes. I paid $1023 and have Education credit of $101. So why is my refund only $1023?

"I paid $1023" - does this mean that you withheld $1,023? Or is this $1,023 something else?

"Education credit of $101" - which education credit is this, the American Opportunity Credit or the Lifetime Learning Credit? The AOC is refundable (i.e., can increase your refund over and above what you withheld), while the LLC is not refundable (i.e., all it can do is reduce your assessed tax).

Let us know the answers, and we can tell you what happened.

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