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April 16, 2020
Question

The Maximized Saving on Deduction portion for my education is $2400 but the other options one is higher and it is called the Tuition Deduction How do i change it to that?

  • April 16, 2020
  • 1 reply
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1 reply

Hal_Al
Employee
April 16, 2020

If the $2400 is the American Opportunity Credit (AOC), that $2400 is a tax credit, not a deduction.  The Tuition and Fees deduction (TFD) is a maximum of $4000. But that is only s deduction from  income.  If you are in the 12% tax bracket, that $4000 deduction is only worth a $480 tax reduction (same as a credit) to you.  $2400 is better.

 

But to answer your question: to change it, type > letme <in the search box.