Get Irs Form 8863 2004 Online

To be eligible for AOTC, the student must: Be pursuing a degree or other recognized education credential. Be enrolled at least half time for at least one academic period* beginning in the tax year. Not have finished the first four years of higher education at the beginning of the tax year.

Form 8863 instructions can be a little hard to interpret, so the first thing you'll need to do is find out if your school sent your Form 1098-T, Tuition Statement. If you can't find it, or if your school didn't send you one, it's possible you can get an electronic copy from your school's online portal.

Education tax forms In January your school will send you Form 1098-T, a tuition statement that shows the education expenses you paid for the year. You'll use that form to enter the corresponding amounts on your tax return to claim an education tax credit or deduction.

Bottom Line. The Hope Credit, now known as the American Opportunity Tax Credit, can provide federal tax credits worth up to $2,500 annually per eligible student. The credits are available for up to four years for qualifying expenses, which can include tuition, books and other costs of higher education.

If you take half the course load for at least one semester or other academic period of each tax year, and your college does not consider you to have completed the first four years of college as of the beginning of the tax year, you can qualify to take the AOTC for up to four tax years.

You cannot claim any portion of the American Opportunity Credit as a refundable credit on your tax return if you were under the age of 24 at the end of 2020 and any of the criteria mentioned below apply to you. Instead, you can only use the non-refundable portion of your allowable credit to lower your tax.

Preparing Form 8863 For the Lifetime Learning credit, you simply multiply your eligible expenses, up to $10,000, by 20 percent. Let an expert do your taxes for you, start to finish with TurboTax Live Full Service. Or you can get your taxes done right, with experts by your side with TurboTax Live Assisted.