Form 8917 2011-2025

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2020 4.8 Satisfied (51 Votes)
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2011 3.9 Satisfied (36 Votes)
2010 4 Satisfied (28 Votes)
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IRS Form 8917 and Form 8863 both deal with education expenses. Form 8917 offers a tax deduction called the Tuition and Fees Deduction, while Form 8863 offers two tax credits. The two tax credits you can claim on Form 8863 are the American Opportunity Tax Credit and the Lifetime Learning Credit.
It is a tax credit of up to $2,500 of the cost of tuition, certain required fees and course materials needed for attendance and paid during the tax year. Also, 40 percent of the credit for which you qualify that is more than the tax you owe (up to $1,000) can be refunded to you.
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 repealed the tuition and fees deduction for tax years beginning after 2020. The deduction was previously available to individuals in undergraduate, graduate, and professional degree courses.
Use Form 8917 to figure and take the deduction for tuition and fees expenses paid.
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.
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Qualified expenses you pay for yourself, your spouse or your dependents are eligible for the deduction. Exceptions: If you can be claimed as a dependent on your parents or someone elses tax return, you cannot claim the higher education deduction.

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