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

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. An up-to-date fillable IRS Form 8863 is available for download through this link.

FAQ

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

Q: What are the education credits that can be claimed using Form 8863?
A: Form 8863 is used to claim the American Opportunity Credit and the Lifetime Learning Credit.

Q: What is the American Opportunity Credit?
A: The American Opportunity Credit is a tax credit that can be claimed for qualified education expenses incurred during the first four years of post-secondary education.

Q: What is the Lifetime Learning Credit?
A: The Lifetime Learning Credit is a tax credit that can be claimed for qualified education expenses incurred at an eligible educational institution.

Q: Who is eligible to claim the education credits?
A: Eligibility for the education credits depends on various criteria such as enrollment in an eligible educational institution, meeting income requirements, and being a dependent or independent student.

Q: What are qualified education expenses?
A: Qualified education expenses include tuition, fees, and other necessary expenses paid for enrollment or attendance at an eligible educational institution.

Q: When is the deadline to file Form 8863?
A: The deadline to file Form 8863 is typically the same as the deadline to file your federal income tax return, which is April 15th of each year.

Q: Can I claim both the American Opportunity Credit and the Lifetime Learning Credit?
A: No, you can only claim one education credit per student per tax year.

Q: What documentation do I need to support my claim for education credits?
A: You should keep records of your qualified education expenses, such as tuition statements and receipts, as well as any other supporting documentation required by the IRS.