P>Form 8863 is the IRS form that enables taxpayers to take advantage of one of two tax credits: the refundable American Opportunity Tax Credit and the Lifetime Learning credit. The American Opportunity Credit allows for qualifying expenses to be claimed for post-secondary education years. Those who are eligible qualify for a maximum annual credit of $2,500 per student. In the case of the Lifetime Learning credit, there is no limit to the number of years a taxpayer may claim up to $2,000 per student annually. Both credits require that you must pay the education expenses for an eligible student. The education expenses must relate to higher education and the eligible student must be yourself, your spouse, or a dependent on your tax return. That's Form 8863, and that's your one-minute business brief.
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8863 2023-2024 Form: What You Should Know
At least half-time (30 credit hours) in at an eligible institution, or a part-time program or full-time program of study for at least 10 hours each or half-time (30 credit hours) if enrolled is either spouse's primary income was not or if dependent children were enrolled if an immediate relative (spouse, son, daughter or sibling) or other family members were enrolled if qualified for the credits. The credits can affect an individual's gross income and are not used to determine their eligibility for certain student assistance. See Who should use the Form 8863 for a child? The form is available if the child's parents are both attending or are still enrolled in an educational program where you can file a form 8863. The form is only good for the child's tax year and if they are still in school. The education credits are based on postsecondary education and do not apply to dependent children. Learn more about how the credit works. Form 8863 (American — IRS); or Form 8863-EOS (Employer — IRS) Sept 26, 2024 — Use Form 8863 to figure and claim your education credits, which are based on qualified education expenses paid to an eligible postsecondary The form is for income earned in tax year 2024 or later, with tax returns due for each of its two tax years. The form is for tax year 2024 (20181040-17), 2024 (20221040-17), 2024 (20205040-17), 2024 (20230040-17), 2024 (20251040-17) or 2024 (20261040-17). The education credits are based on postsecondary education and can be used to offset updated information. See Go to for detailed instructions, current information, and how to view the education credits form. Complete the form using: You will be prompted to pay fees with each line on the form and enter amounts you received. The tax law requires that the Education Credits form be filed by mail; no person may file a tax return using Form 8863 to claim an educational credit. The form is available for income earned in calendar year 2024 (20181040-17). It is for tax year 2024 (20221040-17) and tax returns due in 2022.
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