Question: How is the amount of an education credit determined?
To calculate an education credit you must factor in:
- The amount of qualified tuition and related expenses you paid for each eligible student in the taxable year, and
- The amount of your modified adjusted gross income for the taxable year.
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.
- Am I Eligible to Claim an Education Credit?
- Education Credits--AOTC and LLC
- Instructions for Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits)
- Publication 970, Tax Benefits for Education
Category: Childcare Credit, Other Credits
Subcategory: Education Credits