Form 8863 Education Credits
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Category: Tax Format: PDF Form Name: f8863.pdf |
(The pdf reader is necessary.) |
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INSTRUCTIONS : EDUCATION CREDITS (Form 8863) Form 8863 is a United States Internal Revenue Service tax form used for claiming available education credits. This form can be used for claiming the American Opportunity Credit, the Lifetime Learning Credit, or both. The Form 8863 can be obtained through the I.R.S' website or by obtaining the documents through a local tax office. First, fill out your name and social security number at the top of the form. Ensure that you are not also claiming the tuition and fees deduction with these tax credits. You may only claim one type for each tax year. 1. In part I, list all student's names that you are claiming the American Opportunity Credit. 2. For each student, supply their social security number, qualified expenses up to $4,000, minus $2,000 in the next column, multiplied by 25%, which will result in the total tax credit amount for each student. 3. Add each tax credit amount for each student to get a total American Opportunity Credit amount. 4. Go to Part II if you are claiming a Lifetime Learning tax credit for a different student than named in Part I. Do not claim both for the same student. 5. Supply each student's name in part II. State each student's social security number and qualified expenses from the tax year. 6. Add the total amount of Lifetime Credit Expenses to calculate your total expenses on line 4. 7. Enter the smaller of line 4 or $10,000. This is your Lifetime Learning Tax Credit amount. 8. In part III, you must enter additional information about your tax credits. Enter your tax return information on lines 7 through 13, following the instructions. State your refundable American Opportunity credit amount on line 14. 9. In part IV, again enter all of your tax return information as stated on each line. When completed, you must state your Non-Refundable Education Credits on line 23. 10. This total, on line 23, is to be used on your 1040 to claim your education tax credits. |
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