8863 Form 2023-2024

2018 8863 Form: What You Should Know

Both credits are based on adjusted qualified education expenses (for information on adjustments to adjusted qualified expenses, see Part III,  line 30.) Lifetime Education Credit. The Lifetime Education Credit (ICE) is a tax credit for amounts paid on a qualified education loan to reduce any tax on the loan.  For purposes of the  ICE, “qualified education credit” means a qualified education expense incurred or paid for an eligible student, in the year of the expense, that has an eligible disbursement period during an academic  year beginning on or before July 1 through June 30 of the following year. “Lifetime  Education Credit” means the amount of the credit in 2017. The American opportunity tax credit. The American opportunity tax credit (ATC) is a tax credit for certain qualified expenses paid with after-tax funds to any eligible educational institution (for information on how the credit is calculated, see Part III, line 30.) ATC amounts for 2017: Excludes tuition, fees, textbook, and other course materials (for amounts paid for courses or other items other than tuition and fees, see line 31.) For more information, refer to the chart, “ATC for 2017,” Form 8863, or Form 8866 (or Form 1040X). See Form 8862. The table for 2024 doesn't reflect the cost-of-education  deemed to be an educational expense if you paid the cost for educational purposes. To claim the full credit, you must subtract for each student in 2024 the amount of the ATC that would be claimed for that student in 2018.  2018 Form 8863, 2024 Form 8863. Cat. No. 8063Y Form 8-Page 3 Complete Part III for each student for whom you're reclaiming. Complete the form 8863 for each student. You must complete the form 8863 no later than January 31 of the tax year in which that student  subsequently disbursed the eligible education expense. You must complete the form 8863 for each student no later than February 28 of the tax year in which that student  disbursed the eligible education expense. You must complete the form 8863 for each student no later than April 15 of the tax year in which that student  disbursed the eligible education expense.  Part III.

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