Form Instructions 8863 online Columbus Ohio 2024-2025

Form Instructions 8863 online Columbus Ohio: What You Should Know

Student Assistance Income Tax (SALT) deduction. The credit is limited to the qualified education expenses you have paid to an eligible institution. The education credit allowed on Form 1098-T is based on your modified adjusted gross income. A  modified adjusted gross income is one that includes your gross income less any charitable contributions or other tax-free income. You may claim a maximum of 25 percent of your modified adjusted gross income as a credit for the education payments the college made to you. The credit is capped at two years. It can be used for a student's qualified higher education expenses. The total deduction is limited to 50 percent of the qualified education expenses. After determining the eligibility of the institution, use modified adjusted gross income to determine the credit. You  may not use the credit if you are the parent (or other parent in case of unmarried dependents) of your child. Once you have determined that your child is eligible for the education tax credit, enter that result in the amount of the credit and disregard the first line of code 971. Do not calculate the credit by applying the 2 percent ceiling of the qualified higher income and enter the appropriate total value for the student. Do not enter on line 973 the education tax credit amount that you receive. Do not enter any amount on line 974 (for example, enter zero). If you itemize your deductions, add the 2,500 figures on line 977, line 978, line 979, and line 980 to your itemized deductions for any qualified education tax. Do not enter on line 980 the amount of the tuition and fees in a tuition and fees payment to you The 2,500 figures on line 977 to 979 refers to adjusted qualified education expenses not paid to your eligible institution by the employer, the employee, or you as an eligible student. For example: Do not enter on line 979 the amount of qualified education expenses paid by you or your eligible student to your employer, former employer, the taxpayer, or other person. Do not enter on line 977 the amount of your tax-free scholarship.

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