Why would my Lifetime Learning Credit show up as $0 even though I clearly qualify? How can I choose LLC over the Tuition Deduction and Standard Deduction?
Why would my Lifetime Learning Credit show up as $0 even though I clearly qualify? How can I choose LLC over the Tuition Deduction and Standard Deduction?
The standard deduction and the LLC have nothing to do with each other. However, if after your deduction, you have no taxable income, you can't take advantage of the credit.
The amount of the credit is 20 percent of the first $10,000 of qualified education expenses or a maximum of $2,000 per return. The LLC is not refundable. So, you can use the credit to pay any tax you owe but you won’t receive any of the credit back as a refund.