Comments on: Opportunity Knocks for College Tax Breaks http://blog.turbotax.intuit.com/2009/09/14/opportunity-knocks-for-college-tax-breaks/ It's all about the refund Tue, 21 May 2013 20:45:12 +0000 hourly 1 http://wordpress.com/ By: Tom http://blog.turbotax.intuit.com/2009/09/14/opportunity-knocks-for-college-tax-breaks/#comment-2819 Wed, 15 Sep 2010 00:48:09 +0000 http://blog.turbotax.intuit.com/uncategorized/opportunity-knocks-for-college-tax-breaks/#comment-2819 I suspect TT didn’t lead me to take the Lifetime learning credit when I’m certain my situation made me eligable.

]]> By: Steve http://blog.turbotax.intuit.com/2009/09/14/opportunity-knocks-for-college-tax-breaks/#comment-2818 Thu, 04 Mar 2010 20:21:56 +0000 http://blog.turbotax.intuit.com/uncategorized/opportunity-knocks-for-college-tax-breaks/#comment-2818 I agree with Jim A that TT is not properly determining AOC eligibility. In doing my son’s return to see if he was eligible for the AOC (I’m not), it appears a key interview question is misleading. Turbotax asks “did a parent or someone else provide over half of your support in 2009.” If you answer “yes,” Turbotax says you aren’t eligible for a refundable AOC credit.

But IRS Pub 970 has a much different take on this. It evaluates your child’s income against the total support provided to determine AOC eligibility. And support includes spending by parents, the child and anyone else in support of the child’s education expenses. If your child’s income is less than 50% of the total support, they aren’t eligible for the AOC. If their income is greater than 50% of the support, they are eligible for a refundable credit (subject to other income levels).

If I’m incorrect here, let me know, but this seems like a major bug in TT. In my son’s case, he would get another $1k in AOC refundable credit.

]]> By: Dan http://blog.turbotax.intuit.com/2009/09/14/opportunity-knocks-for-college-tax-breaks/#comment-2817 Sun, 07 Feb 2010 00:31:14 +0000 http://blog.turbotax.intuit.com/uncategorized/opportunity-knocks-for-college-tax-breaks/#comment-2817 Confirmed: Turbo tax is not determining eligibility properly for the American Opportunity tax credit.

I am filling jointly and my income is far less than $160,000 but it is only allowing a $2000 education deduction and NOT a $2500 credit.

]]> By: Jim Alvrus http://blog.turbotax.intuit.com/2009/09/14/opportunity-knocks-for-college-tax-breaks/#comment-2816 Fri, 22 Jan 2010 06:19:07 +0000 http://blog.turbotax.intuit.com/uncategorized/opportunity-knocks-for-college-tax-breaks/#comment-2816 Turbo tax is not determining eligibility properly for the American Opportunity tax credit.

]]> By: TurboTaxAshley http://blog.turbotax.intuit.com/2009/09/14/opportunity-knocks-for-college-tax-breaks/#comment-2815 Sat, 12 Dec 2009 21:18:30 +0000 http://blog.turbotax.intuit.com/uncategorized/opportunity-knocks-for-college-tax-breaks/#comment-2815 Hi Bob,

We would need more tax information to be able to answer that. I’d recommend you give Live Community a try https://ttlc.intuit.com/app/full_page. Or in December and January you can get your question answered for free with Free Tax Question http://www.freetaxquestion.com.

Hope that helps.

Ashley

]]> By: Bob Lupcho http://blog.turbotax.intuit.com/2009/09/14/opportunity-knocks-for-college-tax-breaks/#comment-2814 Sat, 05 Dec 2009 20:19:00 +0000 http://blog.turbotax.intuit.com/uncategorized/opportunity-knocks-for-college-tax-breaks/#comment-2814 Curious as to why the 2008 TurboTax program would not accept entries for line 19 (Tuition and Fees)?

Like to receive an answer.

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