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Form 8863 Requirements for the Lifetime Learning Credit

Lifetime Learning Credit & Form 8863

The IRS allows students and those who claim them as dependents, the opportunity to claim the lifetime learning credit to reduce their tax bill for some of the student’s tuition and fee payments. If you satisfy all requirements of the tax credit, the IRS requires you to prepare a Form 8863 and attach it to your tax return.

The tax credit offers a dollar-for-dollar reduction of your federal income tax bill, up to $2,000 per year. To qualify, you or one of your dependents must enroll in at least one class during the tax year at a post-secondary institution that is eligible to participate in the federal student aid program. There is no requirement that you be pursuing a degree or certificate; paying tuition to enroll in a job-skills class is perfectly acceptable. However, the IRS imposes Modified Adjusted Gross Income (MAGI) limitations on the lifetime learning credit each year. Essentially, if you earn more than the maximum allowable MAGI, you cannot claim the lifetime learning credit. And unlike the American opportunity credit, you cannot include the cost of books and supplies when you calculate the credit on Form 8863 unless the school requires direct payment for it as a condition of enrollment.

Report Lifetime Learning Credit Expenses on Form 8863

In order to actually claim the lifetime credit, you must fill out Part II of Form 8863 and attach it to your return. The form requires the name and Social Security number of the student and the total tuition, fees and books and supplies that are eligible for inclusion. Form 8863 calculates your credit as 20 percent of the first $10,000 of school expenses you pay for. It is also noteworthy that there is no limit on the number of years you can claim the lifetime learning credit.

Reference: IRS Form 8863