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Use Form 8863 to figure and claim your education credits, which are based on adjusted qualified education expenses paid to an eligible educational institution (postsecondary). For 2023, there are two education credits. The American opportunity credit, part of which may be refundable.
NONREFUNDABLE CREDIT WORKSHEET. Enter the amount from Form 8863, line 18. Enter the amount from Form 8863, line 9. Add lines 1 and 2. Enter the amount from: Form 1040 or 1040-SR, line 18. Enter the total of your credits from: Schedule 3 (Form 1040), lines 1 and 2, 6d and 6l.
Enter the amount from line 7 of the Credit Limit Worksheet (see instructions) here and on Schedule 3 (Form 1040), line 3 . . . . . . . . . . . . . . . 19. For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 25379M Form . 8863 (2023)
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Keep for Your Records. NONREFUNDABLE CREDIT WORKSHEET. Enter the amount from Form 8863, line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Dec 26, 2023 · Use the IRS's Credit Limit Worksheet or online tools to calculate the allowable education credit and applicable limitations. Include the completed Form 8863 with your Form 1040 tax return to claim your education credit and reduce your total tax liability.
TurboTax Tip: You can also use Form 8863 to claim the American Opportunity Credit for up to $2,500 of qualifying educational expenses. You can claim both the Lifetime Learning Credit and the American Opportunity Credit in the same tax year but not for the same student or for the same qualified expenses. Using Form 8863.
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What is form 8863?
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Jan 7, 2024 · The Credit Limit Worksheet is a crucial component of Form 8863, which is used to claim education-related tax credits, such as the American Opportunity Credit and the Lifetime Learning Credit. The purpose of the Credit Limit Worksheet is to determine the maximum amount of tax credit that you can claim based on your eligible education expenses.
