| Pub. 17, Your Federal Income Tax |
2004 Tax Year |
This is archived information that pertains only to the 2004 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
Form 8863 Education Credits (Hope and Lifetime Learning Credits) 2004. Summary: This is an example of Form 8863 (2004) as pertains to the description in the text. The line items completed are:
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“Name(s) shown on return” field contains Dave and Valerie Jones
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“Your social security number” field contains 987-00-6543
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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 Corey
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“Last name” field contains Jones
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“1b. Student's social security number (as shown on page 1 of your tax return)” field contains 137-00-9642
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“1c. Qualified expenses (see instructions). Do not enter more than $2,000 for each student. ” field contains 2,000
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“1d. Enter the smaller of the amount in column (c) or $1,000” field contains 1,000
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“1e. Subtract column (d) from column (c)” field contains 1,000
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“1f. Enter one-half of the amount in column (e)” field contains 500
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“2. Add the amounts in columns (d) and (f)”
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“(d) Enter the smaller of the amount in column (c) or $1,000” field contains 1,000
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“(f) Enter one-half of the amount in column (e)” field contains 500
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“3. Tentative Hope credit. Add the amounts on line 2, columns (d) and (f). If you are taking the lifetime learning credit for
another student,
go to Part II; otherwise, go to Part III” field contains 1,500
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Under
“Part II: Lifetime Learning Credit”:
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“4a. Student's name (as shown on page 1 of your tax return)”
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“First name” field contains Sean
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“Last name” field contains Jones
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“4b. Student's social security number (as shown on page 1 of your tax return)” field contains 246-00-9731
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“4c. Qualified expenses (see instructions)” field contains 4,800
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“5. Add the amounts on line 4, column (c), and enter the total” field contains 4,800
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“6. Enter the smaller of line 5 or $10,000” field contains 4,800
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“7. Tentative lifetime learning credit. Multiply line 6 by 20% (.20) and go to Part III” field contains
960
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Under
“Part III: Allowable Education Credits”:
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“8. Tentative education credits. Add lines 3 and 7” field contains 2,460
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“9. Enter: $105,000 if married filing jointly; $52,000 if single, head of household, or qualifying widow(er)” field contains
105,000
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“10. Enter the amount from Form 1040, line 37, or Form 1040A, line 22 (Footnote: See Publication 970 for the amount to enter
if you are filing
Form 2555, 2555-EZ, or 4563 or you are excluding income from Puerto Rico)” field contains 88,000
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“11. Subtract line 10 from line 9. If zero or less, stop; you cannot take any education credits” field contains 17,000
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“12. Enter: $20,000 if married filing jointly; $10,000 if single, head of household, or qualifying widow(er)” field contains
20,000
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“13. If line 11 is equal to or more than line 12, enter the amount from line 8 on line 14 and go to line 15. If line 11 is
less than line 12,
divide line 11 by line 12. Enter the result as a decimal (rounded to at least three places)” field contains .850
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“14. Multiply line 8 by line 13” field contains 2,091
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“15. Enter the amount from Form 1040, line 45, or Form 1040A, line 28 ” field contains 9,956
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“16. Enter the total, if any, of your credits from Form 1040, lines 46 through 48, or Form 1040A, lines 29 and 30” field contains
0
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“17. Subtract line 16 from line 15. If zero or less, stop; you cannot take any education credits” field contains 9,956
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“18. Education credits. Enter the smaller of line 14 or line 17 here and on Form 1040, line 49, or Form 1040A, line 31” field contains
2,091
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