Form 8863 Education Credits (American Opportunity and Lifetime Learning Credits)
2011
Summary: This is an example of Form 8863 (2011) 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. Caution: You cannot take the American opportunity credit for more than 4 tax years for the same
student.
: -
-
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. Caution: You cannot take the American opportunity credit and the lifetime learning credit for the same student in the same
year.
: -
-
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 846-00-9731 -
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 4 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 Part IV
field contains 1,000
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