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Education Credits

Question: How is the amount of an education credit determined?

Answer:

To calculate an education credit you must factor in:

The education tax credit amount for each eligible student is also subject to a phaseout.   

You must use Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits), to calculate and claim an education credit.

Note: You can't claim the American opportunity credit on either an original or an amended return if either you or the student didn't have a taxpayer identification number by the due date of your return (including extensions), even if you or the student later gets one of those numbers.

Additional Information:


Category: Childcare Credit, Other Credits
Subcategory: Education Credits

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The OMB number for this study is 1545-1432.
If you have any comments regarding this study, please write to:
IRS, Tax Products Coordinating Committee
SE:W:CAR:MP:T:T:SP
1111 Constitution Avenue NW
Washington, DC 20224