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How to Report Education Expenses on Form 8863

Eligible students, or the parents who report them as dependents, can claim the lifetime learning or American opportunity credit for their education expenses to enroll in school. When calculating the credit on Form 8863, the IRS only allows you to include specific types of education expenses. However, the education expenses are different depending on which credit you claim.

Lifetime Learning Credit Expenses

The lifetime learning credit can reduce your tax bill by up to $2,000 for your qualified education expenses. You calculate your credit on Form 8863 as 20 percent of a maximum of $10,000 in education expenses. The $10,000 can only include the tuition and fees that your school requires before you can enroll in classes. However, you cannot include the cost of books, equipment or supplies unless the school requires direct payment and will not allow you to enroll in courses without them.

American Opportunity Credit Education Expenses

If you are eligible to claim the American Opportunity credit, you should always choose it over the lifetime learning credit since it can save you up to $2,500 in federal income tax. Moreover, you only need to report $4,000 of qualified education expenses to claim the maximum credit amount. When calculating the credit on your 8863 form, you can claim 100 percent of the first $2,000 in education expenses and 25 percent of the second $2,000. Qualified education expenses include the same tuition and fees as the lifetime learning credit, but it also includes the books, supplies and equipment you purchase, regardless of whether the school requires them to enroll in courses or if your professor merely suggests them. And since 40 percent of the American opportunity credit is refundable, it can provide you with a maximum refund of $1,000 even if you don’t pay a single dollar of federal income tax during the year.

Reference: IRS Publication 970-Tax Benefits for Education