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Form 8863 is used to claim the Hope credit and the Lifetime Learning credit for qualified education expenses.
A Hope scholarship credit of up to $1,500 per student is available forthe first two years of college education. The tax credit is 100% of thefirst $1,000 paid for tuition and eligible class fees, and 50% of thesecond $1,000 paid for tuition and class fees (maximum credit of$1,500). Athletic fees, housing costs, student activity fees and booksare not eligible expenses for the Hope or Lifetime learning credits.The credit phases out for married taxpayers with adjusted gross incomebetween $87,000 and $107,000. For single taxpayers and others notfiling a joint tax return, the adjusted gross income phase out isbetween $43,000 and $53,000. You must be attending school at leasthalf-time.
The Lifetime Learning Credit is a credit of up to $2,000 per studentavailable for any college tuition paid during a year that the Hopecredit is not claimed. The credit is 20% of any tuition or class feespaid up to $10,000 (for a total allowable credit of $2,000). Athleticfees, housing costs, student activity fees and books are not eligibleexpenses for the Hope or Lifetime learning credits. The credit phasesout for married taxpayers with adjusted gross income between $87,000and $107,000. For single taxpayers and others not filing a joint taxreturn, the adjusted gross income phase out is between $43,000 and$53,000. Unlike the Hope credit, you don't have to be a half-timestudent to claim the Lifetime Learning Credit.
If your income is too high to take the Hope or Lifetime Learning creditfor your child's education expenses, IRS regulations allow your childto claim the Hope or Lifetime Learning credit on his or her own taxreturn as long as you do not claim your child as a dependent on yourtax return. Alternatively, you may still be eligible for the educationdeduction which has a higher income limitation.
Up to $4,000 in education expenses can be deducted on your tax returnif your modified adjusted gross income (MAGI) is not more than $80,000($160,000 on a joint return). If you choose to deduct the educationexpenses, you can not take the Hope or Lifetime Learning Credit on thesame education expenses. It depends on each taxpayer's circumstanceswhether it is better to deduct the education expenses or take the Hopeor Lifetime Learning Credit. Tuition and fees paid for the education ofthe taxpayer, the taxpayer's spouse or a dependent child are eligiblefor the deduction.
A Hope scholarship credit of up to $1,500 per student is available forthe first two years of college education. The tax credit is 100% of thefirst $1,000 paid for tuition and eligible class fees, and 50% of thesecond $1,000 paid for tuition and class fees (maximum credit of$1,500). Athletic fees, housing costs, student activity fees and booksare not eligible expenses for the Hope or Lifetime learning credits.The credit phases out for married taxpayers with adjusted gross incomebetween $87,000 and $107,000. For single taxpayers and others notfiling a joint tax return, the adjusted gross income phase out isbetween $43,000 and $53,000. You must be attending school at leasthalf-time.
The Lifetime Learning Credit is a credit of up to $2,000 per studentavailable for any college tuition paid during a year that the Hopecredit is not claimed. The credit is 20% of any tuition or class feespaid up to $10,000 (for a total allowable credit of $2,000). Athleticfees, housing costs, student activity fees and books are not eligibleexpenses for the Hope or Lifetime learning credits. The credit phasesout for married taxpayers with adjusted gross income between $87,000and $107,000. For single taxpayers and others not filing a joint taxreturn, the adjusted gross income phase out is between $43,000 and$53,000. Unlike the Hope credit, you don't have to be a half-timestudent to claim the Lifetime Learning Credit.
If your income is too high to take the Hope or Lifetime Learning creditfor your child's education expenses, IRS regulations allow your childto claim the Hope or Lifetime Learning credit on his or her own taxreturn as long as you do not claim your child as a dependent on yourtax return. Alternatively, you may still be eligible for the educationdeduction which has a higher income limitation.
Up to $4,000 in education expenses can be deducted on your tax returnif your modified adjusted gross income (MAGI) is not more than $80,000($160,000 on a joint return). If you choose to deduct the educationexpenses, you can not take the Hope or Lifetime Learning Credit on thesame education expenses. It depends on each taxpayer's circumstanceswhether it is better to deduct the education expenses or take the Hopeor Lifetime Learning Credit. Tuition and fees paid for the education ofthe taxpayer, the taxpayer's spouse or a dependent child are eligiblefor the deduction.
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