Who needs to file Form 8863?

If you plan on claiming one of the IRS educational tax credits, be sure to fill out a Form 8863 and attach it to your tax return. These credits can provide a dollar-for-dollar reduction in the amount of tax you owe at the end of the year for the costs you incur to attend school.

What is IRS Form 8863 for?

Use Form 8863 to figure and claim your education credits, which are based on qualified education expenses paid to an eligible postsecondary educational institution. There are two education credits. The American Opportunity Credit, part of which may be refundable. The Lifetime Learning Credit, which is nonrefundable.

Who qualifies for Form 8863?

If you plan on claiming one of the IRS educational tax credits, be sure to fill out a Form 8863 and attach it to your tax return. These credits can provide a dollar-for-dollar reduction in the amount of tax you owe at the end of the year for the costs you incur to attend school.

What are qualified expenses for Form 8863?

Table 1. Comparison of Education Credits for 2022 American Opportunity CreditQualified expensesTuition, required enrollment fees, and course materials that the student needs for a course of study whether or not the materials are bought at the educational institution as a condition of enrollment or attendance11 more rows Jan 17, 2023

What is the purpose of the Form 8863?

Purpose of Form Use Form 8863 to figure and claim your education credits, which are based on adjusted qualified education expenses paid to an eligible educational institution (postsecondary).

What is the maximum credit for Form 8863?

You may be able to claim a credit of up to $2,500 for adjusted qualified education expenses (defined later) paid for each student who qualifies for the American opportunity credit.

Who Can File Form 8863? Before filing Form 8863, taxpayers must have their school's Employer Identification Number (EIN) and received Form 1098-T from the institution. Most nonprofit educational institutes must send this form to their students.

Is Form 8863 the same as 1098-T?

IRS Form 8863 Instructions To claim either the AOTC or LLC education credit using tax Form 8863, you'll need your Form 1098-T Tuition Statement on hand. This document is usually provided by the school and shows the amount billed or received for the given year.

Get What Is Form 8863

Instructions to find out if you are eligible to take the credits. Attach to Form 1040 or Form 1040A. Name(s) shown on return Attachment Sequence No. 50 Your social security number Caution: You cannot take both an education credit and the tuition and fees deduction (see Form 8917) for the same student for the same year. Part I American Opportunity Credit Use Part II if you are claiming the Hope credit for a student attending school in a Midwestern disaster area. If you use Part II, you c.

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Table 1. Comparison of Education Credits for 2022 American Opportunity CreditQualified expensesTuition, required enrollment fees, and course materials that the student needs for a course of study whether or not the materials are bought at the educational institution as a condition of enrollment or attendance11 more rows • Jan 17, 2023

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