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 Judy Green -
Your social security number
field contains 000-00-7777 - Under
Part II: Lifetime Learning Credit.
: -
-
3a. Student's name (as shown on page 1 of your tax return)
-
-
First name
field contains Judy -
Last name
field contains Green
-
3b. Student's social security number (as shown on page 1 of
your tax return)
field contains 000-00-7777 -
3c. Qualified expenses (see instructions).
field contains 4,500 -
4. Add the amounts on line 3, column (c), and enter the total
field contains 4,500 -
5. Enter the smaller of line 4 or $10,000
field contains 4,500 -
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 Part
IV
field contains 900
- Under
Part IV: Nonrefundable Education Credits
: -
-
16. Enter the amount from line 6, if any. If you have no entry
on line 6, skip lines 17 through 22, and enter the amount from line 15 on line 8
of the Credit Limit Worksheet (see instructions)
field contains 900 -
17. Enter: $120,000 if married filing jointly; $60,000 if
single, head of household, or qualifying widow(er)
field contains 60,000 -
18. Enter the amount from Form 1040, line 38,* or Form 1040A,
line 22
field contains 27,000 -
For note, continue to Footnote.
-
19. Subtract line 18 from line 17. If zero or less, skip lines
20 and 21, and enter zero on line 22
field contains 33,000 -
20. Enter: $20,000 if married filing jointly; $10,000 if single,
head of household, or qualifying widow(er)
field contains 10,000 -
21. If line 19 is: (bullet) Equal to or more than line 20,
enter 1.000 on line 21 and go to line 22; (bullet) Less than line 20, divide
line 19 by line 20. Enter the result as a decimal (rounded to at least three
places)
field is blank -
22. Multiply line 16 by line 21. Enter here and on line 1
of the Credit Limit Worksheet (see instructions).
field contains 900 -
23. Nonrefundable education credits. Enter the amount from
line 13 of the Credit Limit Worksheet (see instructions) or line 28 here and on
Form 1040, line 49, or Form 1040A, line 31
field contains 900 -
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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