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M
mamaresco
March 14, 2021
Question

How do I check how much of a refund the Lifetime Learning Credit got me

  • March 14, 2021
  • 1 reply
  • 0 views
I am prompted to upgrade to the Deluxe version based on my Lifetime Learning credit.

How do I check how much this credit actually gets me in terms of a refund, so that I know the upgrade is worth the money?

1 reply

Hal_Al
Hal_Al
Employee
March 14, 2021

The lifetime learning credit (LLC) is 20% of the tuition paid, up to $10K.  It is a non-refundable credit. That is, it only reduces your tax liability.  Once your tax liability is reduced to zero, none of the "left over" credit is refunded to you. 

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