Publication 970 |
2008 Tax Year |
Form 8863 Education Credits (Hope and Lifetime Learning Credits) 2008
Summary: This is an example of Form 8863 (2008) as pertains to the description in the text. The line items completed are:
“Name(s) shown on return” field contains Judy Green
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“Your social security number” field contains 000-00-7777
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Under“Part II: Lifetime Learning Credit.”:
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“3a. Student's name (as shown on page 1 of your tax return)”
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“First name” field contains Judy
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“Last name” field contains Green
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“3b. Student's social security number (as shown on page 1 of your tax return)” field contains 000-00-7777
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“3c. Qualified expenses. See instructions” field contains 4,500
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“4. Add the amounts on line 3, column (c), and enter the total” field contains 4,500
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“5a. Enter the smaller of line 4 or $10,000” field contains 4,500
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“5c. Subtract line 5b from line 5a.”field contains 4,500
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“6b. Multiply line 5c by 20% (.20)”field contains 900
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“6c. Tentative lifetime learning credit. Add lines 6a and 6b and go to Part III” field contains 900
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Under“Part III: Allowable Education Credits”:
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“7. Tentative education credits. Add lines 2 and 6c” field contains 900
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“8. Enter: $116,000 if married filing jointly; $58,000 if single, head of household, or qualifying widow(er)” field contains 58,000
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“9. Enter the amount from Form 1040, line 38, or Form 1040A, line 22” field contains 27,000
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“10. Subtract line 9 from line 8. If zero or less, stop; you cannot take any education credits” field contains 31,000
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“11. Enter: $20,000 if married filing jointly; $10,000 if single, head of household, or qualifying widow(er)” field contains 10,000
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“13. Multiply line 7 by line 12” field contains 900
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“14. Enter the amount from Form 1040, line 46, or Form 1040A, line 28” field contains 2,200
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“15. Enter the total, if any, of your credits from Form 1040, lines 47 through 49, or Form 1040A, lines 29 and 30” field contains 0
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“16. Subtract line 15 from line 14. If zero or less, stop; you cannot take any education credits” field contains 2,200
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“17. Education credits. Enter the smaller of line 13 or line 16 here and on Form 1040, line 50, or Form 1040A, line 31” field contains 900
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