Question
Why is my Lifetime Learning credit not $2000?
I am a full-time graduate student. My tuition for graduate college is well above 20K, so I should qualify for $2000 in Lifetime Learning credit based on 20% of the first 10k that I paid towards my tuition. My 1099 income is 25K and my interest income is about 1,400. I do not have any other income. I received $500 in scholarship. But TT calculated my Learning Credit as $973 instead of 2K. Any idea why it did not calculate full 2K as Lifetime Learning Credit?
