Sorry - I should know this, but I don't. ![]()
I filled out the form for Mike's education credit last night...he's only eligible for Lifetime (or whatever it's called now). I noticed that it splits out out between a refundable credit and a non-refundable credit on the form...is that right? I've never noticed a refundable/non-refundable line before on our 1040. I'm just nervous b/c our refund is huge...much bigger than in previous years and a lot more than what I estimated about a month ago.
I could go buy Turbo Tax or something (since I don't have access to the firm's software anymore) but it seems silly. Besides the education credit all we have is my student loan interest...the standard deduction + real estate tax is better, so I don't even need Sch. A.
Re: Mel, I have another tax question
By reading the instructions, it seems like there is the American Opportunity Credit (which is refundable) and the Lifetime Learning Credit (which is non-refundable)
You can only take one credit, not both, for the same student.
I'm not sure of Mike's educational background, so you may want to read through this first:
http://www.irs.gov/publications/p970/ch02.html#en_US_publink1000204324
.: Diary of a Recovering Runner :.