lifetime learning credit/tax mistake?

Question

So I e-filed my taxes today using turbotax. I qualified for a lifetime learning credit, however I made a mistake while filling out the form. I entered the cost of my books in the form, and I learned a few minutes ago that books are not a qualified expense because "the cost of books is not a requirement to attend the institution." That being said, I already qualified for my maximum refund without the cost of books being factored in- so my refund won't change because of that mistake. I don't want to do anything wrong: legally, ethically, or otherwise, what should I do? I'd rather not get into any trouble...

Answer 1

You are correct that books usually don't count. The only time they do is if you are required to buy them FROM the SCHOOL (not from the school bookstore - than doesn't count) in order to attend the class.

But if you qualify anyway for the maximum credit without the books included, I wouldn't worry about it. Since you were entitled to the credit that you claimed, you're OK both legally and ethically.

Answer 2

This a NONREFUNDABLE tax credit $$$$ volume and once you do qualify for any of this $$$$ volume of it on your properly achieved 1040 income tax go back and in case you do have any $$$$ volume of a federal income tax criminal duty $$$$ volume on the 1040 income tax go back web page 2 line 40 4 and 40 six $$$ volume then with assistance from using the type 8863 guidance credit (American threat and lifelong gaining knowledge of credit) for the line 40 9 $$$$ volume then at that element in time you'll understand IF any of the $$$$ volume will manage to be used to assist boost your envisioned REFUND volume in the previous you receives all the way down to the merely precise lines on your properly achieved 1040 income tax go back. in case your income tax criminal duty $$ volume might want to ensue to be -0- 0 on the lines 40 4 and 40 six then you fairly is merely no longer allowed to apply any of the NONREFUNDABLE tax credit $$$$ volume at desirous about the tax year. desire that you hit upon the above enclosed options functional. 10/27/2011

Answer 3

I'm in the same situation....in the middle of my Turbotax and everything like you. Where did you learn that books don't count? In my classes, I HAVE to buy the books for the class, so I'm pretty sure they should qualify. If it didn't change your refund, don't worry about it.

Answer 4

Keep all paperwork