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Tarrant Texas Form Steps to Complete IRS 8863 Online: What You Should Know
The purpose of the education credits is to allow you to receive credit for education expenses to continue your education. How to claim an education tax credit This information provides information to prepare and claim the American opportunity credit using Form 8863 (PDF). Download one side of Form 8863 before April 11, 2013, to allow time to adjust and print it by hand before filing. Then use one side of Form 8863 to figure and claim your education credits, which are based on qualified education expenses paid to an eligible postsecondary educational institution. You may claim a single credit in one year. If you choose to take advantage of the additional credits, you may take one credit in a 2-year period. If you took more than one opportunity for education credit, use one side of Form 8863 to figure the tax credit. You cannot claim a credit on Form 8863 for qualified tuition and fees paid to an eligible private, nonprofit, and related school. You can claim a credit on Form 8863 for tuition and fees to qualified private institutions or an affiliated business for educational services provided by the school. To claim an education credit for qualifying educational services provided by an individual you pay out of pocket, you must meet all the following requirements: Earned income from self-employment is taken into account as a qualified education expense for that individual. You are a parent of the student and a member of either of these following categories. The student is 24 years old or older, and you are a parent of the student and a member of one of the following categories. You have made a timely election with the IRS to claim the American opportunity credit on your Form 1040, 1040A, 1040EZ, or 1040NR. You do not need an additional form to make this election. The election must be made by the first day of the first calendar quarter that ends before April 12, 2013, for the calendar year in which the election is made (the “Qualifying Quarter”).
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