Instructions for IRS Form 8863 Education Credits (American Opportunity and Lifetime Learning Credits)

This document contains official instructions for IRS Form 8863 , Education Credits (American Opportunity and Lifetime Learning Credits) - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury.

FAQ

Q: What is IRS Form 8863?
A: IRS Form 8863 is a form used to claim education credits, including the American Opportunity Credit and the Lifetime Learning Credit.

Q: What are the education credits available with Form 8863?
A: The education credits available with Form 8863 are the American Opportunity Credit and the Lifetime Learning Credit.

Q: Who is eligible to claim the American Opportunity Credit?
A: Students who are pursuing an eligible degree or credential and have not completed the first four years of post-secondary education may be eligible to claim the American Opportunity Credit.

Q: Who is eligible to claim the Lifetime Learning Credit?
A: Students who are pursuing education to acquire or improve job skills or to further their education, and who meet certain income requirements, may be eligible to claim the Lifetime Learning Credit.

Q: What expenses can be claimed with Form 8863?
A: Expenses such as tuition, fees, and course materials required for enrollment or attendance at an eligible educational institution can be claimed with Form 8863.

Q: What is the maximum credit amount for the American Opportunity Credit?
A: The maximum credit amount for the American Opportunity Credit is $2,500 per eligible student per year.

Q: What is the maximum credit amount for the Lifetime Learning Credit?
A: The maximum credit amount for the Lifetime Learning Credit is $2,000 per tax return.

Q: How do I file Form 8863?
A: Form 8863 can be filed electronically using tax software, or it can be printed and filed by mail.

Q: What documentation do I need to include when filing Form 8863?
A: You may need to include documentation such as a Form 1098-T from the educational institution, receipts for qualified education expenses, and any other supporting documentation.