Form 8863 Education Credits (American Opportunity and Lifetime
Learning Credits) 2010
Summary: This is an example of Form 8863 (2010) as pertains to
the description in the text. The line items completed are:
-
Name(s) shown on return
field contains Dave and Valerie Jones -
Your social security number
field contains 987-00-6543 - Under
Part I: American Opportunity Credit
: -
-
1a. Student's name (as shown on page 1 of your tax return:
-
-
First name
field contains Corey -
Last name
field contains Jones
-
1b. Student's social security number (as shown on page 1 of
your tax return)
field contains 137-00-8642 -
1c. Qualified expenses (see instructions). Do not enter more
than $4,000 for each student.
field contains 4,000 -
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). If you are taking the lifetime learning credit for a
different student, go to Part II; otherwise, go to Part III
field contains 2,500
- Under
Part II: Lifetime Learning Credit
: -
-
3a. Student's name (as shown on page 1 of your tax return)
-
-
First name
field contains Sean -
Last name
field contains Jones
-
3b. Student's social security number (as shown on page 1 of
your tax return)
field contains 246-00-9731 -
3c. Qualified expenses (see instructions)
field contains 5,000 -
4. Add the amounts on line 3, column (c), and enter the total
field contains 5,000 -
5. Enter the smaller of line 6 or $10,000
field contains 5,000 -
6.Tentative lifetime learning credit. Multiply line 5 by 20%
(.20).If you have an entry on line 2, go to Part III; otherwise go to PartI V
field contains 1,000
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