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February 8, 2020
Question

I qualify for Amer. opportunity credit $1000, Educat. nonrefundable credit $1500, and Student loan interest deduct. $2500. Why am I only getting $2500 in my final return?

  • February 8, 2020
  • 1 reply
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I qualify for American opportunity credit $1000, Education nonrefundable credit $1500, and Student loan interest deduction $2500. Why am I only getting $2500 in my final return

1 reply

GiseleD
February 8, 2020

Without looking at your returns, we cannot specifically diagnose this. We don't have access to your return in this forum. However, it is likely that your tax liability offset these credits and deductions. To get a holistic view of your return, it's best to look at the forms. Here's how:

 

Here's how to look at your current year return forms:

  • In the left-hand menu bar, click on Tax Tools, then click Tools.
  • Under Other helpful links, click View Tax Summary.
  • Your Tax Summary will be displayed. In the left-hand menu bar, you will see a new option: Preview My 1040. Click it, and this will allow you to see the forms. It is important to check your 1040 before you check your state return, as much of your entries on the 1040 will impact the state return.
  • If you want to view your state entries, Click on Tax Home in the left-hand menu bar. In the center of your screen, scroll down until you see State Taxes. Click on it to review your state entries.
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