AK Form Instructions 8863 2024-2025

AK Form Instructions 8863: What You Should Know

Eligibility for the Education Tax Credit The amount you can deduct on your federal income tax return is based upon what amount is “qualified education expenses” for the year. Qualified Education Expenses Qualified education expenses are those expenses for which a tax deduction has been allowed by law. Those laws may include the Student Loan Interest Deduction Act of 2012, the Americans with Disabilities Act, the Higher Education Act, and the Child Care Expense Federal Tax Relief Act (CH EFRA). According to the IRS, these are the qualifications for which the education tax credit can be claimed: Education expense must be for attendance at the school, college, or universities, or at a postsecondary educational institution operated by a governmental unit, You were a resident of the U.S. during the entire time you attended an educational institution, If you attended an educational institution outside the U.S., the expenses must have been for activities that qualify as “in-person instruction” (exam, class, or workshop), You qualified for any special tax benefits that apply to a student attending an educational institution outside the U.S., You have not yet repaid Federal student loans for the year. However, the fact that the education expenses were not for tuition and fees does not make them “qualified” expenses; only that they had to be incurred “for attendance” in order for the school to receive the benefit of the education tax credit. If, for example, you attend a business school in London and you never pay for tuition, do the expenses on your FAFSA form “qualify” for the tax credit? It depends. If the expenses are “for” the business school, then they are “qualified.” However, if your activities at the business school were just for passing the credits required for a certificate or degree, they are not “for” the school in any way and do not qualify for the education tax credit. If, on the other hand, the activity you engaged in was not “for” the business school but for a certificate, then it definitely qualifies. Here's an example of how this might work: John comes to Boston with some money in his pocket and wants to buy a BMW. He wants me to sell him the car.

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