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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.
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.
OVERVIEW. If you plan on claiming one of the IRS educational tax credits, be sure to fill out a Form 8863 and attach it to your tax return. These credits can provide a dollar-for-dollar reduction in the amount of tax you owe at the end of the year for the costs you incur to attend school.
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.
IRS Form 8863, Education Credits, is the tax form that a taxpayer may use to take a tax credit for qualified education expenses they incurred during the year. This includes the American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit.
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.