| Pub. 970, Tax Benefits for Education |
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 Jim Grant
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“Your social security number” field contains 000-00-1111
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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 000-00-1111
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“1c. Qualified expenses (but do not enter more than $2,000 for each student). See instructions” 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 claiming the lifetime learning credit,
go to Part II;
otherwise, go to Part III” field contains 1,500
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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 1,500
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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
52,000
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“10. Enter the amount from Form 1040, line 37, or Form 1040A, line 22” field contains 33,000
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“11. Subtract line 10 from line 9. If line 10 is equal to or more than line 9, stop; you cannot take any education credits” field
contains 19,000
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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
10,000
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“14. Multiply line 8 by line 13” field contains 1,500
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“15. Enter the amount from Form 1040, line 43, or Form 1040A, line 28” field contains 3,404
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“16. Enter the total, if any, of your credits from Form 1040, lines 46 and 47, or Form 1040A, lines 29 and 30” field contains
0
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“17. Enter the amount from Form 6251, line 31” field contains 0
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“18. Add lines 16 and 17” field contains 0
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“19. Subtract line 18 from line 15. If zero or less, stop; you cannot take any education credits” field contains 3,404
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“20. Education credits. Enter the smaller of line 14 or line 19 here and on Form 1040, lines 48, or Form 1040A, line 31” field contains
1,500
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