Higher Education Recapture Prior Year Credit

To make an entry for the recapture of an education credit claimed in a prior year: From within your TaxAct return (Online or Desktop), click on the Federal tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal. Click Education to expand the category and then click Recapture of prior year education credits

Higher Education Commissionmay request additional documentation supporting your claim for this or subsequent tax. will result in the revocation of the credit and the recapture of the credit pursuant to 10-740 of the Tax. they have not received the Maryland credit in a prior year; and (2. "Recapture of an education credit.

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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. The two credits you might have claimed are the Lifetime Learning Credit or the American Opportunity Credit.

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A refund of qualified education expenses may reduce qualified education expenses for the tax year or may require you to repay (recapture) the credit that you claimed in an earlier year. Some tax-free educational assistance received after 2018 may be treated as a refund.

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The tax on the recapture amount is the difference between the education credit claimed on the prior year return and the re -figured education credit calculated from qualified educational expenses as adjusted by expenses, which have been refunded, or assistance received.