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Question

I do not understand why my sons american opportunity credit is only 1982.00 instead of the full 2500.00. His 1098T box one amount is 9024. fulltime student

Forum|Forum|5 years ago
February 18, 2021
2 replies
0 views

I am filing married-jointly and our adjusted income is 124,000. My son is a fulltime student, no scholorships,

TurboTax Deluxe Online

Employee

The credit can be divided into a refundable and non refundable portion. See if you have a refundable amount of $518 on line 29 of your form 1040.

Employee

Review the calculations on form 8863.

The usual explanation is that you got $1000 refundable (line 29 of form 1040) but only $982 non refundable (line 3 Schedule 3; then line 20 form 1040) because that's all you needed to get to 0 tax.

But at $124,000 AGI that would be unusual (but not impossible).