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Form Steps to Complete IRS 8863 online Stockton California: What You Should Know
The form 8863C is intended for married couples filing joint tax return. For information about forms 8863, see H&R Block's page. Form 8863 — Individual, Dependent Child, and Dependent Adult If the parent's income is over the standard deduction (including the standard deduction for dependents), the child's or dependent adult's income is also taxed at that rate. If the parent's income is over the second highest category and tax is due, you will need Form 8863 and Form 8863A (Form 8863A-EZ) to file the tax return. If the child's or dependent adult's income is between the standard deduction for dependents and the second highest category, you will need Form 8863C to file the tax return. Form 8863C — Education Credits If Form 8863C are filed by an eligible minor and the child or adult qualifies for the education credits, they will be credited based on the child or adult's adjusted gross income. The amount of the credit is the least of: 1.) the cost of attendance; 2.) the qualified financial assistance that the child or dependent adult received; or 3.) the modified adjusted gross income of the child or dependent adult. The credit is a percentage of the highest of: 1.) the qualifying amount on the tax return for the child's or dependent adult's income; or 2.) the amount of the qualified financial assistance that the child or dependent adult received. This is a single point deduction for the entire qualified financial assistance, not a percentage of the total tuition and fees paid at any institution, including community colleges. The credit is allowed for the portion of the qualified financial assistance (after adjustment) and tax. The credit amounts are not reported on Schedule C, even if the qualified financial assistance exceeds the total tuition and fees and total costs of attendance.
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