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February 7, 2021
Question

I paid $33,000 in tuition and had a $2500 scholarship. Shouldn't I be getting $2000 with the lifetime learning credit? Turbo is saying I'm only getting $1840.

  • February 7, 2021
  • 1 reply
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I also had other income but I am getting a tax refund as I overpaid taxes

1 reply

February 7, 2021

Please be aware that the Lifetime Learning Credit isn't a refundable credit, therefore the credit can't be more than your tax liability.

 

Also, the the credit is reduced (phased out) if your 2020 modified adjusted gross income (MAGI) is between $59,000 and $69,000 ($118,000 to $138,000 if married filing jointly). 

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