Form 8863 is used to calculate and claim your educational tax credit, based on qualified education expenses paid to an eligible postsecondary educational institution.
Select the fillable 8863 Form from our website, open it in our PDF editor, and enter the required information. Afterward, you can easily download it to your device and save it before submitting to the IRS.
Form 8863 is the IRS form that allows you to claim the educational tax credit when enrolled in an eligible postsecondary institution. The credits you can claim with this form include the American Opportunity Credit (up to 40% refundable) and the nonrefundable Lifetime Learning Credit.
No one is required to fill out an 8863 Form, but you can use it to claim a credit if you, your spouse, or a dependent you claim on your tax return was a student enrolled in an eligible educational institution.
However, you can’t claim the credit if you’re married but filing separately, were a nonresident alien (unless you elected to be treated as a resident alien), or have a modified adjusted gross income (MAGI) of $90,000 or more ($180,000 if married filing jointly).
Form 8863 should be submitted by April 15 (or the next business day if that date falls on a weekend or holiday), as it is attached to Form 1040, the federal income tax return, and filed at the same time.
Penalties for providing incorrect information may include repaying the credit with interest if you receive more credit than you are entitled to. You may also be banned from claiming the American Opportunity Credit for 2 years in case of reckless or intentional disregard of the rules, and 10 years in case of fraud, which could even lead to criminal charges.
You should submit an 8863 Form along with your federal income tax return by simply attaching it to that form and sending them together. You can do so by mail or, if you e-file, by entering the same details in IRS-approved tax software.
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You can get a blank Form 8863 from pdf.net and open it directly in our editor. Once you’ve filled in the required information, all you should do is download the document to your device.
If your Form 8863 is missing information, you should wait for your package to be processed and then send an updated version using Form 1040-X. It amends your original return, so you’ll attach the corrected Form 8863 to it instead of filing a new return. If you want to make sure that all information is in place, cross-check your document with a Form 8863 example.
Yes, you can fill out your Form 8863 online by opening it in our PDF editor and entering the required information into the empty slots.
This form is partly free; you can view and edit it at no cost, but you can’t download it like that. If you want to save it to your device, you’ll need to purchase a subscription.
Yes, you can correct mistakes after submitting Form 8863 by filing an amended return using Form 1040-X.
To complete Form 8863, you generally need Form 1098-T, known as the Tuition Statement, which reports on qualified tuition and expenses and thus helps students determine their eligibility for credits. Other than that, you should provide your and the student’s Social Security number (SSN) or other taxpayer identification number, the school’s EIN, and records of scholarships, grants, and other assistance.