IRS Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits), is a tax form used to claim one of the Internal Revenue Service (IRS) educational tax credits. It will provide a dollar-for-dollar reduction in the amount of tax owed at the end of the reporting year for the expenses incurred to attend educational institutions that participate in the student aid programs.
You can download a fillable Form 8863 through the link below. If you are looking for a more detailed breakdown of the education credits and their calculation, use the official IRS Instructions for Form 8863 - download them here.
An IRS 8863 Tax Form is needed to calculate and claim education credits - you may only take one of them for the same student in the same year. Using this document, you will offset the expenses of education by covering the costs of books, tuition, and necessary school supplies and reduce the burden of paying student loan debt back, whether you or your dependent was a student. Currently, there are two education credits available:
Follow these steps to complete the 8863 Tax Form:
To claim American Opportunity and Lifetime Learning Credits, you need to file an 8863 Form with IRS Form 1040, Individual Income Tax Return, or Form 1040-NR, U.S. Nonresident Alien Income Tax Return. The mailing address depends on your state and whether you enclose the payment. You may apply for the AOTC for the first four years of higher education and get an annual credit of $2,500 for qualified expenses that include tuition. As long as the eligible student is enrolled in any educational university or any course to acquire or improve job skills, you can claim the LLC and receive up to $2,000 for educational expenses that include fees and tuition.
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