Would like to apply either or both the Tuition and Fees Deduction and Lifetime Learning Credit

Forum|Forum|5 years ago
August 10, 2020
1 reply
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Had to take out a loan to pay for courses and now it can't be applied to tax deductions? I am confused.

TurboTax Deluxe Online

xmasbaby0

Employee

You cannot get both education credits. The software recommends the one that is most advantageous for your situation when you enter your information. But if you are someone else's dependent or filing married filing separately you cannot get education credits.

https://ttlc.intuit.com/questions/1901172-what-are-education-tax-credits

https://ttlc.intuit.com/questions/1901487-what-is-the-tuition-and-fees-deduction

https://ttlc.intuit.com/questions/1901172-what-education-tax-credits-are-available

https://www.irs.gov/help/ita/am-i-eligible-to-claim-an-education-credit

https://ttlc.intuit.com/community/credits-and-deductions/help/what-expenses-qualify-for-the-lifetime-learning-credit/00/26844

https://ttlc.intuit.com/questions/3262984-who-is-eligible-for-the-lifetime-learning-credit

**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.**

Hal_Al

Employee

The fact that you used loan money, to pay for the expenses, does not disqualify you for either the Tuition and Fees Deduction and Lifetime Learning Credit. So, if TurboTax is not giving you either of them, you have entered something wrong or there is some other reason you do not qualify. In particular, do not enter the loan as "scholarship".