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 Jim Grant
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“Your social security number” field contains 000-00-4321
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Under“Part I: Hope Credit.”:
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“1a. Student's name (as shown on page 1 of your tax return)”
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“First name” field contains Jim
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“Last name” field contains Grant
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“1b. Student's social security number (as shown on page 1 of your tax return)” field contains 000-00-4321
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“1c. Qualified expenses (see instructions). Do not enter more than $2,400* for each student. ” field contains 2,400
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For note, continue to Footnote 1. |
“1d. Enter the smaller of the amount in column (c) or $1,200**” field contains 1,200
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For note, continue to Footnote 2. |
“1e. Add column (c) and column (d)” field contains 3,600
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“1f. Enter one-half of the amount in column (e)” field contains 1,800
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“2. Tentative Hope credit. Add the amounts on line 1, column (f). If you are taking the lifetime learning credit for another
student, go to Part II; otherwise, go to Part III” field contains 1,800
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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 1,800
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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 37,000
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“10. Subtract line 9 from line 8. If zero or less, stop; you cannot take any education credits” field contains 21,000
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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 1,800
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“14. Enter the amount from Form 1040, line 46, or Form 1040A, line 28” field contains 3,700
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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 3,700
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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 1,800
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Footnote 1: For each student who attended an eligible educational institution in a Midwestern disaster area, do not enter
more than $4,800.
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Footnote 2: For each student who attended an eligible educational institution in a Midwestern disaster area, enter the smaller
of the amount in column (c) or $2,400.
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