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Form 8863 is an essential document for taxpayers who wish to claim education credits, such as the American Opportunity Credit and the Lifetime Learning Credit. These credits can significantly reduce your tax liability and increase your tax refund, making it crucial to understand and accurately complete this form.
The two primary education credits are:
Properly completing Form 8863 is crucial to ensuring that you receive the correct amount of education credits. The form requires information about the taxpayer, the eligible student, the educational institution, and qualified education expenses. Additionally, income limits apply to both credits, so it’s essential to provide accurate information about your adjusted gross income (AGI).
Form 8863 is used in a variety of situations where taxpayers are seeking to claim education credits on their tax returns. It’s important to understand when and how to use this form to maximize your potential tax benefits.
The American Opportunity Credit is available to eligible students enrolled at least half-time in a degree or certificate program for at least one academic period during the tax year. The student must also be in their first four years of post-secondary education and have no felony drug convictions.
The Lifetime Learning Credit is available to taxpayers who have incurred qualified education expenses for themselves, their spouse, or their dependents. There is no limit to the number of years this credit can be claimed, and the student does not need to be enrolled in a degree or certificate program.
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