American Opportunity Credit and Lifetime Learning Credit Exaplined. CPA Exam

In this session, I discuss the American Opportunity Credit and Lifetime Learning Credit.
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[@mamadoubah3686]

Very helpful content! Thank you!

[@AccountingLectures]

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[@tarikbekele6395]

Interesting lesson

[@AccountingLectures]

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[@junwenchen6875]

I thought course book does qualify under LLC as long as it is paid directly to the institution??

[@ericastanton2010]

So my daughter is filing as independent , she made only 8000 in tax year 2023. She does not owe anything to fed government and actually due money back on her federal taxes. She got a 1098-T from her graduate school but she did not seem to qualify for the Lifetime Learning credit. Do you know why? the previous year she made 30K and qualified for LLC and got $2000 credit. I cannot remember if that $2000 was used to pay down the amount of money she owed the government.

[@waridi9]

Hi Erica, just in case you havent found the answer. The LLC is NOT refundable. Meaning, the taxpayer will not receive any refund back if they do not owe any tax. Since she made $8k, her income is below the standard deduction and therefore she doesny owe tax, so not eligible for lifetime credit. Thanks