Description
8863 credit limit worksheet Use Form 8863 to figure and claim your education credits, which are based on adjusted qualified education expenses paid to an eligible educational institution (postsecondary). For 2024, there are two education credits. The American opportunity credit, part of which may be refundable. The lifetime learning credit, which is nonrefundable..
8863 credit limit worksheet Enter the amount from: Form 1040 or 1040-SR, line 18 Enter the total of your credits from: Schedule 3 (Form 1040), lines 1 and 2, 6d and 6l Subtract line 5 from line 4 Enter the smaller of line 3 or line 6 here and on Form 8863, line 19
form 8863 You can’t take the American opportunity credit and the lifetime learning credit for the same student in the same year. If you complete lines 27 through 30 for this student, don’t complete line 31.