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Question

It says I qualify for a college tuition deduction of $3500 but how to I get that money because its not going on my return. Also my LLC us only $80 which seems off

Forum|Forum|2 years ago
January 25, 2024
1 reply
0 views

I just want to either get the $3500 or increase my LLC if possible so maybe something was entered wrong?

TurboTax Deluxe Online

Employee

There is no tuition deduction on the federal return. Are you seeing this in the state section? Which state? That would be in addition to the Lifetime Learning Credit ( LLC) on the federal return.

The LLC is a straight 20% of the tuition and fees paid, up to $10,000. so $2000 max. But, it is a non refundable credit. That is, it can only help reduce you tax liability. So if your tax, on line 18 of form 1040, is only $80, your LLC will only be $80.