Click Education to expand the category and then click Recapture of prior year education credits; enter the recapture amount you have calculated. This amount is then added to the total tax on Form 1040, Line 44 and you will see the text "ECR" next to this line on your printed copy of the return per the IRS Instructions for Form 1040.

Manually compute the difference between the original education credit and the recalculated education credit. This is the recapture amount. On this year’s return, enter the recapture amount calculated in step 4 on line E of the Tax Smart Worksheet for Form 1040 Federal Individual Income Tax Return, line 44.

recapture of education credit – Accountants Community – If the taxpayer took an education credit, you will have to refigure the credit for that year as if taxpayer had received the refund of tuition in the prior year. The original credit minus the refigured credit is the amount that has to be recaptured.

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MCC Example: MCCs are issued directly to qualifying Applicants who are then able each year to take a tax credit equal to a specified percentage of the interest paid on their mortgage. When using the 25% credit rate, the maximum annual tax credit allowed is $2,000. When using the 20% credit rate, the $2,000 annual does not apply.

You will need to know if the taxpayer claimed an education credit or the tuition and fees deduction in the prior year. A recapture of an education credit means that you claimed an education credit on your federal tax return (e.g. form 1040 or 1040A) and have to repay some of that credit.

As a result, a refund of qualified education expenses may require the taxpayer to repay (recapture) an education credit, (American Opportunity Credit, Lifetime Learning Credit or Tuition and Fees Credit) that was claimed on a prior year tax return if it was based on the higher pre-refund qualified education expenses.

Click Education to expand the category and then click Recapture of prior year education credits; enter the recapture amount you have calculated. This amount is then added to the total tax on Form 1040, Line 44 and you will see the text "ECR" next to this line on your printed copy of the return per the IRS Instructions for Form 1040.