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8863 instructions 2015 2017 form

8863 instructions 2015 2017 form-2025

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The document provides instructions for Form 8863, which is used to claim education credits such as the American Opportunity Credit and Lifetime Learning Credit for the tax year 2017. It outlines eligibility requirements, income limits, necessary forms, and details on qualified education expenses. Key updates include changes in modified adjusted gross income (MAGI) limits and the requirement of Form 1098-T for claiming these credits. The document also explains the differences between the two credits, including their refundable and nonrefundable aspects.

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What are qualified expenses for form 8863?

IRS Form 8863 qualified expenses These include tuition and mandatory fees necessary for enrolling or attending, such as lab or technology fees. The AOTC covers some additional qualified expenses, including books, supplies, and equipment needed, even if these items are not purchased directly from the school.

What happens if you claim the American Opportunity Credit?

You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.

What is the Lifetime Learning Credit for 2015?

The Lifetime Learning Credit for any taxpayer for any taxable year is an amount equal to 20 percent of so much of the qualified tuition and related expenses paid by the taxpayer during the taxable year (for education furnished during any academic period beginning in such taxable year) as does not exceed $10,000.

Which is better, American Opportunity Credit or Lifetime Learning Credit?

The AOTC has a maximum of $2,500, and the Lifetime Learning Credit maximum is $2,000. Both credits cannot be claimed in the same tax year for the same student. The AOTC can only be used for undergraduate expenses, while the Lifetime Learning Credit is more flexible.

Which education credit should I claim?

The American Tax Opportunity Credit is generally more valuable than the Lifetime Learning Credit, if you qualify. You cant claim both the American Opportunity Tax Credit and the Lifetime Learning Credit for the same student or the same qualified expenses. Can be used for undergraduate expenses only.

Should I claim the American Opportunity Credit or the Lifetime Learning Credit?

In either scenario if the student is enrolled in an eligible education institution for a degree they can claim the American Opportunity Credit which is more advantageous than the Lifetime Learning Credit as long as the student is not claimed as a dependent.

How to get the full $2500 American Opportunity Credit?

To claim the American opportunity credit complete Form 8863 and submit it with your Form 1040 or 1040-SR. Enter the nonrefundable part of the credit on Schedule 3 (Form 1040 or 1040-SR), line 3. Enter the refundable part of the credit on Form 1040 or 1040-SR, line 29.

Is form 8863 the same as schedule 3?

The American Opportunity Credit is calculated on Form 8863, Education Credits. The total credit amount goes to Form 1040. The total credits are carried to Schedule 3 then Form 1040 for the nonrefundable portion of the credit and Form 1040 for the refundable portion of the credit.

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