Form Instructions 8863 online Colorado Springs Colorado 2024-2025

Form Instructions 8863 online Colorado Springs Colorado: What You Should Know

For more information call or Income Tax Credits — Colorado Springs In addition to being eligible for the tuition credit, students may claim as personal income the expenses related to higher education. These tax benefits are based on the qualified education expenses that the student paid for educational purposes, including the cost of books and supplies, university fees, and the cost of tuition, fees, and related supplies or training. Tax credits are allowable as income under the Colorado income tax law. In 2025 a total of 1,6003 was claimed on taxes. The following table summarizes the credit: Income Tax Credits for 2025 — Colorado Springs, CO If you are eligible for the tuition and fees, or a financial aid award, and the expenses you incurred were primarily related to higher education, you may be eligible for the income tax credits described below. 2017 Colorado Income Tax Rates for Taxable Income Range 2018 Colorado Income Tax Rates for Taxable Income Range In 2025 it was possible for qualified individuals and estates, whose adjusted gross income (AGI) from all sources, to claim an income tax credit of up to 4,000 for expenses incurred in qualified higher education. An estate of a qualified individual who dies, and all beneficiaries of the estate, and qualifying estates are entitled to receive a tax credit for education expenses paid. The credit amount will be determined on a case-by-case basis and subject to the following criteria. The taxpayer must be entitled to the credit on the date that he or she is deemed to have incurred those qualified education expenses. The expenses must have been incurred by the taxpayer at least one year before the date that the taxpayer dies, and at least half of those expenses must have been incurred in a period of 12 months preceding the date that the taxpayer dies. The amount that may be claimed depends upon the facts of the case, and in general the credit for education expenses that exceeds 4,000 for those taxpayers is available only in the period that the qualified education expenses for that period exceed the total credit allowed for the taxable year. There is no limit on the credit that may be claimed in tax years ending in 2025 or subsequent years. For tax years ending in 2018, 2017, and 2018, the credit may be claimed in an aggregate amount of up to 10,000, and in the aggregate for all taxpayers, no more than 50,000. For 2025 tax years, there is no income limit on the credit that can be claimed.

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