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Question

Why am I not receiving the full 20% for the Lifetime Learning Credit?

Forum|Forum|3 years ago
March 18, 2023
1 reply
0 views

No text available

TurboTax Premier Online

Employee

The Lifetime Learning Credit is not refundable. It can only reduce your tax owed, so if you did not owe $2000, your credit is less.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

mgimas682Author

It is 20% of what you paid up to a payment of $10000 (as 20% is $2000). I paid $5225 for tuition and expenses, so shouldn't I be receiving 20% of that?

Employee

Do you have a tax liability? The credit is applied only to your tax liability. You do not receive the LLC as a refund.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**