Five minute tax guides from your five minute tax guy. Short lessons to help you navigate the treacherous, hazardous, and totally unpredictable US federal tax code. You American Opportunity Credit. There are two education credits available: the American Opportunity Credit and the Lifetime Learning credit. We will first cover the general requirements to claim an educational credit, and then we will go into more detail for the American Opportunity Credit. The Lifetime Learning credit will be covered in another video. You may be able to claim an education credit if you, your spouse, or a dependent you claim on your tax return was a student enrolled at or attending an eligible educational institution, and you or someone else had any out-of-pocket qualified educational expenses that were paid to an eligible education institution. What is an eligible educational institution? An eligible educational institution is generally any college, university, vocational school, or other post-secondary educational institution eligible to participate in a student aid program administered by the US Department of Education. Virtually all accredited public, nonprofit, and proprietary or privately-owned profit-making post-secondary institutions meet this definition. The educational institutions should be able to tell you if it is an eligible educational institution. Certain educational institutions located outside the United States also participate in the US Department of Education federal student aid program. Who can claim a student's expenses? If an exemption is allowed or would be allowed prior to the 2018 tax year for any person who claims the student as a dependent, all qualified education expenses of the student are treated as having been paid by that person. Therefore, only that person can claim an education credit for the student. If a student is not claimed as a dependent on another person's tax return, only that student can claim a credit....
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8863 Form: What You Should Know
How The IRS Form 8863 is Filed If you want to file a Form 8863, you need to fill out IRS form 8959 and attach it to your tax return. Form 8863: Instructions & Information on the Education Tax Credit The IRS Form 8863 instruction document says that “a student, the student's parent, or an eligible individual in the student's household can file Form 8863 on behalf of his or her student.” Form 8959 does not say exactly who it applies to, though the document does mention “qualified student.” If you are filing for yourself, you are supposed to complete and attach Form 8869; if you are filing for a dependent, your spouse, or dependent children, you need to complete and attach Form 8959. Form 8863: How to File — Taxpayers With No Dependent If you file for yourself, do not include the dependent children of your student in your filing.
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