How the F do I apply for the lifetime learning credit???

[Accipiter22]

OK, so I'm filing my taxes...I went through turbotax's website, www.statetaxfreedom.com, they cover federal and state. Anyway, they never ask about the Lifetime Learning Credit in any of the questions...I qualify but I don't know how the hell to apply to my taxes via turbo tax...do I just mail in the form separately?!?!?

 

[giantpinkbunnyhead]

If I remember right... I think there's a line on the 1040 for education expenses? or I think this year they now call it "domestic production" or something. I dunno, my CPA was saying something about it. In any case, depending on what you earned last year, and how much your education expense was, it might actually be better to just deduct the tuition expense from your gross income than to claim the credit.

edit: The LLC is a credit of 20%; if you earned enough to be in the 25% tax bracket, I think you're better off deducting tuition paid from your income. However, I think you can only deduct up to $4000 that way; the LLC lets you get the 20% credit on up to 10K.

 

[jiggahertz]

Are you sure you qualify, I think your AGI needs to be < $55,000 or somewhere around there.

 

[dartworth]

come on dude...


http://forums.anandtech.com/messageview...atid=38&threadid=1981972&enterthread=y

 

[Accipiter22]

whoah...didn't see the thread was up already..


I found it, they actually did it for me, just based on info I had given them. They never explicitly said they were filling it out. I saw that they had by the end of the process, when I printed hard copies of my filings