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chad121
March 30, 2024
Question

F I received $2500 deduction for education tuition and $2500 deduction for student loan interest, why does my final breakdown show only $3000 for credits?

  • March 30, 2024
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1 reply

Hal_Al
Hal_Al
Employee
March 30, 2024

Q. Why does my final breakdown show only $3000 for credits?

A. You're mixing up deductions and credits.

You received a $2500 education  credit and a $500 credit for you student dependent*. For a total of $3000.  The Student loan interest was an actual deduction**, from income, not a tax credit. 

 

*"Credit for other dependent" ("other" than the child tax credit, for dependents under 17). 

 

**Technically, an "adjustment" to income. It shows on line 21 of Schedule 1 (part II). 

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