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American Opportunity credit and income limitations
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nmr12354
Level 3
03-28-2021
07:10 PM
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Client's AGI is $85,000 with an exclusion of $6,046 for unemployment. Client does not qualify for her son's tuition cost (American Opportunity Credit) because her income is over $90,000, per the student information worksheet. Did the unemployment exclusion of $6046 get added back to her AGI of $85,000, to push her over the $90,000 limit?
Or is the calculation of the Modified AGI including her total income which is about $95,000 when you add back her 401(k) amount.
Just want to determine if I am missing anything
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1 Comment 1
rbynaker
Level 13
03-28-2021
07:20 PM
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It could be the programming's not quite there yet. IMO the software should be using the AGI after the unemployment exclusion.
