2023 Form 8863 Education Credits (American Opportunity and Lifetime Learning Credits)-2025

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The document is Form 8863, used for claiming education credits such as the American Opportunity Credit and Lifetime Learning Credit on tax returns. It provides instructions for completing the form, including eligibility criteria, income limits, and calculations for refundable and nonrefundable credits based on qualified education expenses for students.

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Begin by entering your social security number and the names shown on your return at the top of the form.
Complete Part III for each student claiming credits. Provide their name, educational institution details, and check if they received Form 1098-T.
In Part I, calculate the refundable American Opportunity Credit by following the instructions for lines 1 through 9, ensuring you enter totals from Part III.
For nonrefundable education credits in Part II, complete lines 10 through 17 based on your calculations from Part III.
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Should I claim an education credit on my taxes?

An education credit helps with the cost of higher education by reducing the amount of tax owed on your tax return. If the credit reduces your tax to less than zero, you may get a refund. There are two education credits available: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC).

How do I know if I have claimed the American Opportunity tax credit?

When you look at a previous years tax return, if you have an amount on Line 3 of Schedule 3 (education credits), you have a Form 8863 that you can view to see which credit you took. If there is no amount on Line 3, Schedule 3, the American Opportunity Tax Credit was not taken.

How to get the full $2500 American Opportunity Credit?

To claim AOTC, you must complete the Form 8863 and attach the completed form to your tax return. To be eligible for AOTC, the law requires the student to have received Form 1098-T, Tuition Statement, from an eligible educational institution, domestic or foreign.

What is the American Opportunity Credit from Form 8863 2023?

Preparing Form 8863 The American Opportunity credit equals 100 percent of the first $2,000 in expenses plus 25 percent of the excess. For the Lifetime Learning credit, you simply multiply your eligible expenses, up to $10,000, by 20 percent.