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Use Form 8863 to figure and claim your education credits, which are based on qualified education expenses paid to an eligible postsecondary educational institution. There are two education credits. The American Opportunity Credit, part of which may be refundable.
Go to www.irs.gov/Form8863 for instructions and the latest information. OMB No. 1545-0074. Form 8863. Department of the Treasury Internal Revenue Service. Education Credits (American Opportunity and Lifetime Learning Credits) Attach to Form 1040 or 1040-SR.
Use Form 8863 to figure and claim your education credits, which are based on adjusted qualified education expenses paid to an eligible educational institution (postsecondary). For 2023, there are two education credits. The American opportunity credit, part of which may be refundable.
This tax credit is only available to taxpayers with a 2023 MAGI below $90,000 if filing individually, or $180,000 if married filing jointly. TurboTax Tip: Complete Form 8863 and attach it to your tax return to claim the American Opportunity Credit or the Lifetime Learning Credit.
What is IRS Form 8863 and what role does it play in claiming education credits on your tax return? Keep reading to learn all about Form 8863, including the credits it covers, which expenses those credits cover, and a quick overview on how to fill it out.
Complete and file Form 8863 PDF -- To claim the AOTC, your client must complete the Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits) and attach the completed form to their tax return.
Adjusted Qualified Education Expenses Worksheet (Form 8863 instructions) 1. Total qualified education expenses paid for on behalf of the student in 2021 for the academic period . . . . . . . . . . . . . . . . . . .