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IRS 8917 2020-2023 free printable template
8917Form (Rev. January 2020) Department of the Treasury Internal Revenue ServiceTuition and Fees Deduction OMB No. 15450074 Attach to Form 1040 or 1040SR. Go to www.irs.gov/Form8917 for the latest
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How to fill out form 8917 2020-2023
How to fill out form 8917:
Start by obtaining the form 8917 from the Internal Revenue Service (IRS) website or by visiting your local IRS office.
Begin filling out the top section of the form with your personal information, such as your name, address, and social security number.
Next, indicate the tax year for which you are filing the form 8917.
Move on to Part I of the form, where you will need to provide details about the qualified expenses related to the education that you are claiming a deduction for.
List the educational institution's name, address, and employer identification number (EIN), if applicable.
Calculate the total amount of qualified expenses you are claiming for the deduction.
In Part II of the form, you may need to make adjustments or reductions to your claimed deduction based on certain factors, such as scholarships or grants received.
Complete the rest of the form, including any additional explanations or computations as required.
Once you have filled out the form accurately, double-check your entries and ensure all necessary attachments, such as supporting documents, are included.
Sign and date the form before submitting it to the IRS along with your tax return.
Who needs form 8917:
Taxpayers who have incurred qualified education expenses during the tax year may need to fill out form 8917.
This form is specifically designed for individuals who are claiming a deduction for educational expenses, such as tuition and fees, not covered by other tax benefits like the American Opportunity Credit or the Lifetime Learning Credit.
It is important to determine whether you are eligible for the deduction and if form 8917 is the appropriate form to use.
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People Also Ask about form 8917
What is the difference between IRS form 8863 and 8917?
IRS Form 8917 and Form 8863 both deal with education expenses. Form 8917 offers a tax deduction called the Tuition and Fees Deduction, while Form 8863 offers two tax credits. The two tax credits you can claim on Form 8863 are the American Opportunity Tax Credit and the Lifetime Learning Credit.
What is tax form 8917 used for?
Use Form 8917 to figure and take the deduction for tuition and fees expenses paid.
Who is eligible for Form 8917?
Generally, in order to claim the deduction for education expenses for a dependent, you must have paid the expenses in the current year and must claim the student as a dependent on your current year tax return (the “Dependents” line of Form 1040 or 1040-SR).
What is the IRS form for tuition and fees deduction?
Form 1098-T requirement. To be eligible to claim the tuition and fees deduction, American opportunity credit, or the lifetime earning credit, the law requires a taxpayer (or a dependent) to have received a Form 1098-T from an eligible educational institution.
Does form 8917 still exist?
Use this form for qualified tuition and fees paid in 2018, 2019, or 2020, and later years if legislation extends the deduction (see instructions). File a separate Form 8917 for each year after 2017 for which you qualify to take the deduction.
Who can use form 8917?
Key Takeaways. Form 8917 is an Internal Revenue Service (IRS) tax form that accompanies Form 1040 and is used to claim the tuition and fees deduction. A taxpayer who filed Form 8863 for educational tax credits is not eligible to claim the same educational expenses for a tax deduction on Form 8917.
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Comments and Help with irs form 8917
Video instructions and help with filling out and completing form 8917
Instructions and Help about form 8917
Laws dot-com legal forms guide form 89 17 is a United States Internal Revenue Service tax form used for claiming educational expenses it is used to determine the deduction amount allowed for qualified educational expenses during a taxable year the form 89 17 can be obtained through the IRS a--'s website or by obtaining the documents through a local tax office the tax form is to be filed by the taxpayer claiming an educational tax deduction ensure that you qualify for the deduction before filling out the form provide the name or names of students that are claiming the educational expense deduction inline 1 provide each student's social security number and the amount of qualified expenses to be claimed in line 2 and the total amount of all qualified expenses claimed if only one student's expenses are to be claimed line 2 will be the same amount as in line 1 referring to your tax form 1040 line 22 or form 1040 a line 15 enter this amount in line 3 again referring to tax form 1040 provide the amounts in lines 23 to 33 plus any adjustments put this amount in line 4 of the form 89 17 subtract line 4 from line 3 if the amount is more than $80,000 for an individual or $160,000 for joint filers you do not qualify for the deduction if the amount is more than 65,000 dollars or $130,000 for joint filers select YES in line 6 and choose the smallest of line 2 or $2,000 if your amount is less than this amount select now in line 6 and choose the smallest of line 2 or $4,000 once completed your form 89 17 is ready to be filed with your entire tax filing packet as with all tax documents keep a copy for your records to watch more videos please make sure to visit laws com
Who is required to file form 8917?
Form 8917 is used by taxpayers to claim the tuition and fees deduction. Individuals who paid qualified education expenses in tax years 2018 or 2019 for themselves, their spouse, or their dependents are required to file Form 8917.
What is the purpose of form 8917?
Form 8917 is used to claim the Tuition and Fees Deduction. This deduction allows you to deduct qualified education expenses paid during the tax year for post-secondary education. It can reduce the amount of your income subject to tax by up to $4,000.
What is the penalty for the late filing of form 8917?
The penalty for the late filing of Form 8917 is a 5% penalty of the amount of the tuition and fees deduction for each month or partial month that the return is late, up to a maximum of 25%.
What is form 8917?
Form 8917 is a tax form used by individuals to claim the tuition and fees deduction. This deduction allows taxpayers to deduct up to $4,000 in qualified education expenses paid during the tax year for themselves, their spouse, or their dependents. The purpose of this deduction is to help reduce the overall tax liability for those who are pursuing higher education.
How to fill out form 8917?
Form 8917, also known as the Tuition and Fees Deduction, is used to claim a deduction for qualified education expenses paid during the tax year. Here are the steps to fill out Form 8917: 1. Download the latest version of Form 8917 from the official website of the Internal Revenue Service (IRS). 2. Start with the taxpayer information section at the top of the form. Enter your name, Social Security number, and address. 3. In Part I, you need to provide the names and Social Security numbers of the individuals who paid the qualified education expenses. If you are claiming the deduction for yourself, you only need to fill out your information. If the expenses were paid for someone else, their information should be included as well. 4. In Part II, you must calculate the total amount of qualified education expenses paid during the tax year. Add up all the eligible expenses such as tuition, fees, and course materials. Ensure that these expenses were paid to an eligible educational institution. 5. Next, you need to determine the maximum amount of the deduction you are eligible for. Refer to the instructions provided with the form to calculate this deduction amount. 6. In Part III, you will compare the maximum deduction to the actual expenses paid. Enter the smaller amount between the two. This will be the deduction you can claim on your tax return. 7. Once you have calculated the deduction, transfer the final amount to the appropriate line on your tax return. For example, if you are using Form 1040, the deduction should be entered on line 20. 8. Double-check all the information you have entered on Form 8917 for accuracy. Ensure that it is signed and dated before submitting it with your tax return. Remember to keep all records and supporting documentation related to your qualified education expenses in case of an audit or further verification by the IRS.
What information must be reported on form 8917?
Form 8917, also known as the Tuition and Fees Deduction, is used to claim a deduction for qualified education expenses paid during the tax year. The following information must be reported on Form 8917: 1. Taxpayer's personal information: Include name, address, social security number, and filing status. 2. Qualified education expenses: Report the total amount of qualified education expenses paid during the tax year. This includes tuition, fees, and other related expenses required for enrollment or attendance at an eligible educational institution. 3. Scholarships, grants, and other aid: Report any scholarships, grants, or other financial aid received during the tax year. This amount may reduce the eligible expenses that can be deducted. 4. Adjusted qualified education expenses: Calculate the adjusted qualified education expenses by subtracting any tax-free educational assistance received, such as employer-provided educational assistance or veteran's benefits. 5. Deduction amount: Calculate the tuition and fees deduction by multiplying the adjusted qualified education expenses by the applicable deduction rate (up to $4,000 deduction or $2,000 deduction depending on the taxpayer's income). 6. Filing status and income: Report the taxpayer's filing status and income on the form to determine the applicable deduction rate. 7. If claiming the deduction for an eligible student: Provide the name and social security number of the student for whom the expenses were paid. It is important to note that Form 8917 is no longer available for tax years after 2017. However, the Tuition and Fees Deduction was extended through 2020 as part of the COVID-19 relief legislation, so it may still be applicable for that year.
When is the deadline to file form 8917 in 2023?
The deadline to file Form 8917 in 2023 would typically be April 15, 2023. However, please note that tax deadlines can vary, so it is important to consult the official IRS website or a tax professional for the most accurate and up-to-date information regarding specific deadlines.
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