Form 8863 Education Credits (American Opportunity, Hope, and Lifetime Learning Credits) 2009

• Name(s) shown on return field contains Bill Pass
• Your social security number field contains 000-00-1234
• Under Part I: American opportunity Credit.:
• • 1a. Student's name (as shown on page 1 of your tax return)
  • • First name field contains Bill
    • Last name field contains Pass
  • 1b. Student's social security number (as shown on page 1 of your tax return) field contains 000-00-1234
  • 1c. Qualified expenses (see instructions). Do not enter more than $4,000 for each student. field contains 4,000
  • For note, continue to Footnote 1.
  • 1d. Subtract $2,000 from the amount in column (c). If zero or less, enter -0- field contains 2,000
  • 1e. Multiply the amount in column (d) by 25% (.25) field contains 500
  • 1f. If column (d) is zero, enter the amount from column (c). Otherwise, add $2,000 to the amount in column (e). field contains 2,500
  • 2. Tentative American opportunity credit. Add the amounts on line 1, column (f). Skip Part II if line 2 is more than zero. If you are taking the lifetime learning credit for a different student, go to Part III; otherwise, go to Part IV field contains 2,500
• Under Part IV: Refundable American Opportunity Credit:
• • 9. Enter the amount from line 2. field contains 2,500
  • 10. Enter: $180,000 if married filing jointly; $90,000 if single, head of household, or qualifying widow(er) field contains 90,000
  • 11. Enter the amount from Form 1040, line 38*, or Form 1040A, line 22 field contains 57,000
  • 12. Subtract line 11 from line 10. If zero or less, stop; you cannot take any education credit field contains 33,000
  • 13. Enter: $20,000 if married filing jointly; $10,000 if single, head of household, or qualifying widow(er) field contains 10,000
  • 14. If line 12 is: (bullet) Equal to or more than line 13, enter 1.000 on line 14. (bullet) Less than line 13, divide line 12 by line 13. Enter the result as a decimal (rounded to at least three places) field contains 1.000
  • 15. Multiply line 9 by line 14. Caution: If you were under age 24 at the end of the year and meet the conditions on page 5 of the instructions, you cannot take the refundable American opportunity credit. Skip line 16, enter the amount from line 15 on line 17, and check this box. field contains 2,500
  • 16. Refundable American opportunity credit. Multiply line 15 by 40% (.40). Enter the amount here and on Form 1040, line 66, or Form 1040A, line 43. Then go to line 17 below. field contains 1,000
  • Under Part V: Nonrefundable Education Credits
  • 17. Subtract line 16 from line 15field contains 1,500
  • 18. Add line 4 and line 8c. If you have no entry on these lines, skip lines 19 through 24, and enter the amount from line 17 on line 25field contains 0
  • 25. Add line 17 and line 24. If zero, stop; you cannot take any nonrefundable education creditfield contains 1,500
  • 26. Enter the amount from Form 1040, line 46, or Form 1040A, line 28field contains 8,106
  • 27. Enter the total, if any, of your credits from: (bullet) Form 1040, line 47, 48, and the amount from Schedule R (Form 1040) entered on line 53, (bullet) Form 1040A, lines 29 and 30field contains 0
  • 28. Subtract line 27 from line 26. If zero or less, stop; you cannot take any nonrefundable education creditfield contains 8,106
  • 29. Nonrefundable education credits. Enter the smaller of line 25 or line 28 here and on Form 1040, line 49, or Form 1040A, line 31.field contains 1,500
  • Footnote: If you are filing Form 2555, 2555-EZ, or 4563, or you are excluding income from Puerto Rico, see Pub. 970 for the amount to enter.

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