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February 21, 2024
Question

I would like to adjust my return so that it takes the Lifetime Learning credit instead of the AOC credit. How do I do that?

  • February 21, 2024
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February 21, 2024

It depends. Did you already file your return? In that case, you would need to amend it.

 

There are times when you should amend your return and times when you shouldn't. Here are some common situations that call for an amendment:

 

  • You realized you missed out on claiming a tax deduction or credit.
  • You accidentally claimed the wrong tax filing status.
  • You need to add or remove a dependent.
  • You forgot to claim taxable income on your tax return.
  • You realize you claimed an expense, deduction, or credit that you weren't eligible to claim.

 

See this article and this one for more information on filing an amended return with TurboTax.

 

If you haven't already filed your return, go back to the Education section in Deductions and Credits. If you review the Education section, at the end of it, Turbo Tax will analyze the amount of tax savings you will get for each tax benefit. If you don't want the largest refund, you will have the opportunity to see other options. Here is how:

  1. Log in and Continue your return.
  2. Use the search box toward the upper right corner to search for 1098-T.
  3. Click Go to 1098-T. Click through the screens until you get to the one titled, Next, We'll See Which Deduction or Credit Will Save You the Most. on this screen, you will see if you qualify for other tax breaks.
  4. Click Maximize My Education Tax Break.
  5. When the analysis is complete, click Continue.
  6. Turbo Tax will recommend the one that increases your refund the most. Underneath that, you will see, Show Me Results for What Else I Qualify For, in blue. Click that and it will show you the other tax breaks, for which you qualify.

If that doesn't work, try typing letme in the search box in TT, then 'jump to' and it should give you the option to select LLC. 

 

See here for an older discussion on a similar topic.

 

See this TurboTax help article for more information on overriding the Education Optimizer selection.

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