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moats-matthew
January 29, 2024
Question

Turbotax appears to be using Taxable Wages and not MAGI to calculate eligibility for AOTC. https://www.irs.gov/credits-deductions/individuals/aotc

  • January 29, 2024
  • 1 reply
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1 reply

KrisD15
KrisD15
January 29, 2024

To clarify, what do you feel TurboTax is leaving out of the MAGI calculation? 

 

According to the IRS concerning the American Opportunity Tax Credit: page 11

"MAGI when using Form 1040 or 1040-SR. If you file Form 1040 or 1040-SR, your MAGI is the AGI on line 11 of that form, modified by adding back any: 

1. Foreign earned income exclusion, 

2. Foreign housing exclusion, 

3. Foreign housing deduction, 

4. Exclusion of income by bona fide residents of American Samoa, and 5. Exclusion of income by bona fide residents of Puerto Rico."

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