Form 8863 Education Credits (Hope and Lifetime Learning Credits) 2008

• Name(s) shown on return field contains Jim Grant
• Your social security number field contains 000-00-4321
• Under Part I: Hope Credit.:
• • 1a. Student's name (as shown on page 1 of your tax return)
  • • First name field contains Jim
    • Last name field contains Grant
  • 1b. Student's social security number (as shown on page 1 of your tax return) field contains 000-00-4321
  • 1c. Qualified expenses (see instructions). Do not enter more than $2,400* for each student. field contains 2,400
  • For note, continue to Footnote 1.
  • 1d. Enter the smaller of the amount in column (c) or $1,200** field contains 1,200
  • For note, continue to Footnote 2.
  • 1e. Add column (c) and column (d) field contains 3,600
  • 1f. Enter one-half of the amount in column (e) field contains 1,800
  • 2. Tentative Hope credit. Add the amounts on line 1, column (f). If you are taking the lifetime learning credit for another student, go to Part II; otherwise, go to Part III field contains 1,800
• Under Part III: Allowable Education Credits:
• • 7. Tentative education credits. Add lines 2 and 6c field contains 1,800
  • 8. Enter: $116,000 if married filing jointly; $58,000 if single, head of household, or qualifying widow(er) field contains 58,000
  • 9. Enter the amount from Form 1040, line 38, or Form 1040A, line 22 field contains 37,000
  • 10. Subtract line 9 from line 8. If zero or less, stop; you cannot take any education credits field contains 21,000
  • 11. Enter: $20,000 if married filing jointly; $10,000 if single, head of household, or qualifying widow(er) field contains 10,000
  • 13. Multiply line 7 by line 12 field contains 1,800
  • 14. Enter the amount from Form 1040, line 46, or Form 1040A, line 28 field contains 3,700
  • 15. Enter the total, if any, of your credits from Form 1040, lines 47 through 49, or Form 1040A, lines 29 and 30 field contains 0
  • 16. Subtract line 15 from line 14. If zero or less, stop; you cannot take any education credits field contains 3,700
  • 17 Education credits. Enter the smaller of line 13 or line 16 here and on Form 1040, line 50, or Form 1040A, line 31 field contains 1,800
  • Footnote 1: For each student who attended an eligible educational institution in a Midwestern disaster area, do not enter more than $4,800.
  • Footnote 2: For each student who attended an eligible educational institution in a Midwestern disaster area, enter the smaller of the amount in column (c) or $2,400.

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