Illustrated Example

Jim Grant, a single taxpayer, enrolled full-time at a local college to earn a degree in computer science. This is the first year of his postsecondary education. During 2001, he paid $1,600 for his qualified 2001 tuition. He and the college meet all of the requirements for the Hope credit. Jim's modified adjusted gross income is $32,000. His income tax liability is $3,746. He figures his credit of $1,300 as shown on the Form 8863 on the next page.

Form 8863 for Jim Grant

Note. In Appendix A at the end of this publication there is an example illustrating the use of Form 8863 when the Hope credit and the lifetime learning credit are both claimed on the same tax return.

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