8863 Form

What is 8863 Form?

The 8863 Form, also known as the Education Credits (American Opportunity and Lifetime Learning Credits) form, is a form provided by the Internal Revenue Service (IRS) for taxpayers to claim educational tax credits. It is used to calculate and report the amount of education credits that can be claimed on a tax return.

What are the types of 8863 Form?

There are two types of 8863 Forms: the American Opportunity Credit (AOC) and the Lifetime Learning Credit (LLC). The AOC is available to eligible students pursuing a degree or other recognized credential, while the LLC is available to eligible students and parents who pay qualified education expenses.

American Opportunity Credit (AOC)
Lifetime Learning Credit (LLC)

How to complete 8863 Form

Completing the 8863 Form is relatively straightforward. Here are the steps you need to follow:

01
Gather all necessary information, including your personal information, educational institution details, and tuition expenses.
02
Fill out Part I of the form, providing information about the student and the educational institution.
03
Fill out Part II of the form if applicable, providing information about the student's expenses and scholarships or grants received.
04
Calculate the education credits you are eligible for using the provided worksheets.
05
Transfer the calculated credits to the specified lines on your tax return.
06
Double-check all the information and ensure that you have signed and dated the form.

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Questions & answers

Yes - all versions of TurboTax Online support Form 8863, Education Credits. To fill out Form 8863, complete the education section by answering the interview questions.
0:14 2:09 Learn How to Fill the Form 8863 Education Credits - YouTube YouTube Start of suggested clip End of suggested clip The form 88 63 can be obtained through the IRS a--'s website or by obtaining the documents through aMoreThe form 88 63 can be obtained through the IRS a--'s website or by obtaining the documents through a local tax office first fill out your name and social security number at the top of the form ensure.
Using Form 8863 To compute the amount of your LLTC, enter the name, Social Security number, and qualified expenses of each applicable student. Enter $10,000 or your actual expenses, whichever is smaller, then multiply this number by 20 percent. That amount is your tentative LLTC.
If you have an amount in Box 1 of Form 1098-T and there is no amount in Box 5, then your qualified expenses would be that amount plus any other qualifying expenses such as books and supplies. If you have an amount in Box 1 and also have an amount in Box 5, you must subtract Box 5 from the amount in Box 1.
To be eligible for AOTC, the student must: Be pursuing a degree or other recognized education credential. Be enrolled at least half time for at least one academic period* beginning in the tax year. Not have finished the first four years of higher education at the beginning of the tax year.
IRS Form 8863 Instructions To claim either the AOTC or LLC education credit using tax Form 8863, you'll need your Form 1098-T Tuition Statement on hand. This document is usually provided by the school and shows the amount billed or received for the given year.