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My wages were 9900 therefore there is no tax payable after std ded. i should be getting 1000 aotc refundable credit but i am only getting 941?
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federal tax withheld was 336 is that is relevant. Thanks
The reason you are getting just $941 is due to the way the credit on Form 8863 is calculated. I went ahead and calculated the form using the information you gave us. It is not the same because I do not have all your information but I came up with an amount close to what TurboTax calculated.
The information calculated in this section gets transferred to the calculation for the refundable section of the AOC. As you see the first line is your education expenses. The amount on line 30 gets transferred to the next section.
The line where the credit gets reduced is line 8, you can only claim 40% of your qualified educational expenses. That is why your credit is only around $900.
@shonty_k
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