Intuit Turbo Tax for some reason is won't allow me to claim my interest paid in the current year if I have tuition tax credits available. Since the carry forward period on Student Loan Interest is only five years that Turbo Tax should deduct that Interest Paid on Government Student Loan Tax Credit prior to applying Tuition Tax Credits due to the constraint on carry-forward period of (5yrs vs. Infinite).
All advice is welcomed.
I know you feel this is unfair, however Intuit Turbo Tax is correctly applying the provisions of the Income Tax Act. These provisions state that tuition credits must be applied prior to certain other credits such as your student loan interest. Please note Ordering of Credits 118.92 in this link http://laws-lois.justice.gc.ca/eng/acts/I-3.3/page-185.html#docCont
It will not matter if you paper file your return, use another soft ware product, or take your return to a qualified tax preparer or an accountant, the application of these credits will be the same.
I know you feel this is unfair, however Intuit Turbo Tax is correctly applying the provisions of the Income Tax Act. These provisions state that tuition credits must be applied prior to certain other credits such as your student loan interest. Please note Ordering of Credits 118.92 in this link http://laws-lois.justice.gc.ca/eng/acts/I-3.3/page-185.html#docCont
It will not matter if you paper file your return, use another soft ware product, or take your return to a qualified tax preparer or an accountant, the application of these credits will be the same.
jeezwok
New Member
zpwang9
New Member
kelly_maurice
New Member
shavna
New Member
ssberg5
New Member
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.