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Does tuition carry forward have a limit on tax deductions?
I am getting confused about the tuition carry forward. My understanding was that the tuition tax credit can reduce your taxes owed to zero dollars, and will carry forward in the next year until there is no credit left. However, my tuition credits carried forward from last year were about 9k and my taxes owed for this year was about 8k--yet I am showing that I will be recieving a 1k return--not 8k. Am I misunderstanding? Mis-inputting? Or is this a TurboTax error?
Thanks!
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Seniors and students
The amount of your refund is based on how much you have paid towards your taxes throughout the year, compared to your tax liability. If you are able to confirm that the tax liability is equal to zero, then the tuition credits have been included correctly. If such is the case, and you hadn't included the tuition credits, then you would have had a balance due on your tax return.
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