Education credits

[Kea]

Is there any way to input the education expenses in one place so that we can easily see which option (tuition & fees, AOC, Lifetime Learning) reduces taxes the most? At this point I've only seen entering on each choice separately. Perhaps I'm not seeing a worksheet?

[CathysTaxes]

Is there any way to input the education expenses in one place so that we can easily see which option (tuition & fees, AOC, Lifetime Learning) reduces taxes the most? At this point I've only seen entering on each choice separately. Perhaps I'm not seeing a worksheet?

According to the Taxwise guide that I believe Taxed shared earlier, 1040 Worksheet 2 has all education stuff on it.

[Kea]

Worksheet 2 only allows you to enter the amount for the Tuition and Fees adjustment. To check the credits, you have to enter them in each section of the Form 8863 and compare. The TaxWise "cheat sheet" doesn't list single place to enter and compare. Oh well.

[Crank]

I believe that is the only way to enter the education expenses. I havent found a feature like the one you mentioned. TaxWorks had it

[Guest Taxed]

Miss my Taxworks. There is no way to compare AOC, Tuition Deduction or Lifetime credits in one page like we had in taxworks. That is a big disappointment. However in 99% of the time AOC is always the best tax advantage. I remember in taxworks even thouugh you could compare 9/10 times it was AOC that won hands down.

[Outoftaxes]

Don't know if u know about this feature or not but its called the what if mode, it's under the File menu. What I used to tell people is go to the 8863 fill it out, remember the refund amount then go to what if and do the worksheet 2 to see which one gives u a bigger refund. I know it's not saving u anytime but u can save those what if modes and show them to your client, like who would be better off taking a dep or something like that

[Crank]

I saw it but havent tried to use it, yet.

Thanks