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 Judy Green -
Your social security number
field contains 000-00-7777 - 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 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 6 of the Credit Limit Worksheet (see
instructions)
field contains 900 -
17. Enter: $122,000 if married filing jointly; $61,000 if single, head of household, or qualifying
widow(er)
field contains 61,000 -
18. Enter the amount from Form 1040, line 38, or Form 1040A, line 22. 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.
field contains 27,000 -
19. Subtract line 18 from line 17. If zero or less, skip lines 20 and 21, and enter zero on line
22
field contains 34,000 -
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 contains 1.000 -
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 11 of the Credit Limit Worksheet (see instructions) here and on Form 1040, line 49, or Form 1040A, line
31
field contains 900
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