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How To Fill Out 1040x

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How To Fill Out 1040x

How to fill out 1040x 35. How to fill out 1040x   Education Credits Table of Contents Introduction Useful Items - You may want to see: Who Can Claim an Education Credit Qualified Education ExpensesNo Double Benefit Allowed Adjustments to Qualified Education Expenses Introduction For 2013, there are two tax credits available to persons who pay expenses for higher (postsecondary) education. How to fill out 1040x They are: The American opportunity credit, and The lifetime learning credit. How to fill out 1040x The chapter will present an overview of these education credits. How to fill out 1040x To get the detailed information you will need to claim either of the credits, and for examples illustrating that information, see chapters 2 and 3 of Publication 970. How to fill out 1040x Can you claim more than one education credit this year?   For each student, you can choose for any year only one of the credits. How to fill out 1040x For example, if you choose to take the American opportunity credit for a child on your 2013 tax return, you cannot, for that same child, also claim the lifetime learning credit for 2013. How to fill out 1040x   If you are eligible to claim the American opportunity credit and you are also eligible to claim the lifetime learning credit for the same student in the same year, you can choose to claim either credit, but not both. How to fill out 1040x   If you pay qualified education expenses for more than one student in the same year, you can choose to take the American opportunity and the lifetime learning credits on a per-student, per-year basis. How to fill out 1040x This means that, for example, you can claim the American opportunity credit for one student and the lifetime learning credit for another student in the same year. How to fill out 1040x Table 35-1. How to fill out 1040x Comparison of Education Credits Caution. How to fill out 1040x You can claim both the American opportunity credit and the lifetime learning credit on the same return—but not for the same student. How to fill out 1040x   American Opportunity Credit Lifetime Learning Credit Maximum credit Up to $2,500 credit per eligible student Up to $2,000 credit per return Limit on modified adjusted gross income (MAGI) $180,000 if married filing jointly;  $90,000 if single, head of household, or qualifying widow(er) $127,000 if married filing jointly;  $63,000 if single, head of household, or qualifying widow(er) Refundable or nonrefundable 40% of credit may be refundable Credit limited to the amount of tax you must pay on your taxable income Number of years of postsecondary education Available ONLY if the student had not completed the first 4 years of postsecondary education before 2013 Available for all years of postsecondary education and for courses to acquire or improve job skills Number of tax years credit available Available ONLY for 4 tax years per eligible student (including any year(s) the Hope credit was claimed) Available for an unlimited number of years Type of program required Student must be pursuing a program leading to a degree or other recognized education credential Student does not need to be pursuing a program leading to a degree or other recognized education credential Number of courses Student must be enrolled at least half time for at least one academic period beginning during the tax year Available for one or more courses Felony drug conviction At the end of 2013, the student had not been convicted of a felony for possessing or distributing a controlled substance Felony drug convictions do not make the student ineligible Qualified expenses Tuition, required enrollment fees, and course materials that the student needs for a course of study whether or not the materials are bought at the educational institution as a condition of enrollment or attendance Tuition and fees required for enrollment or attendance (including amounts required to be paid to the institution for course-related books, supplies, and equipment) Payments for academic periods Payments made in 2013 for academic periods beginning in 2013 or beginning in the first 3 months of 2014 Differences between the American opportunity and lifetime learning credits. How to fill out 1040x   There are several differences between these two credits. How to fill out 1040x These differences are summarized in Table 35-1, later. How to fill out 1040x Useful Items - You may want to see: Publication 970 Tax Benefits for Education Form (and Instructions) 8863 Education Credits (American Opportunity and Lifetime Learning Credits) Who Can Claim an Education Credit You may be able to claim an education credit if you, your spouse, or a dependent you claim on your tax return was a student enrolled at or attending an eligible educational institution. How to fill out 1040x The credits are based on the amount of qualified education expenses paid for the student in 2013 for academic periods beginning in 2013 and in the first 3 months of 2014. How to fill out 1040x For example, if you paid $1,500 in December 2013 for qualified tuition for the spring 2014 semester beginning in January 2014, you may be able to use that $1,500 in figuring your 2013 education credit(s). How to fill out 1040x Academic period. How to fill out 1040x   An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. How to fill out 1040x In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. How to fill out 1040x Eligible educational institution. How to fill out 1040x   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. How to fill out 1040x S. How to fill out 1040x Department of Education. How to fill out 1040x It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. How to fill out 1040x The educational institution should be able to tell you if it is an eligible educational institution. How to fill out 1040x   Certain educational institutions located outside the United States also participate in the U. How to fill out 1040x S. How to fill out 1040x Department of Education's Federal Student Aid (FSA) programs. How to fill out 1040x Who can claim a dependent's expenses. How to fill out 1040x   If an exemption is allowed as a deduction for any person who claims the student as a dependent, all qualified education expenses of the student are treated as having been paid by that person. How to fill out 1040x Therefore, only that person can claim an education credit for the student. How to fill out 1040x If a student is not claimed as a dependent on another person's tax return, only the student can claim a credit. How to fill out 1040x Expenses paid by a third party. How to fill out 1040x   Qualified education expenses paid on behalf of the student by someone other than the student (such as a relative) are treated as paid by the student. How to fill out 1040x However, qualified education expenses paid (or treated as paid) by a student who is claimed as a dependent on your tax return are treated as paid by you. How to fill out 1040x Therefore, you are treated as having paid expenses that were paid by the third party. How to fill out 1040x For more information and an example see Who Can Claim a Dependent's Expenses in Pub. How to fill out 1040x 970, chapter 2 or 3. How to fill out 1040x Who cannot claim a credit. How to fill out 1040x   You cannot take an education credit if any of the following apply. How to fill out 1040x You are claimed as a dependent on another person's tax return, such as your parent's return. How to fill out 1040x Your filing status is married filing separately. How to fill out 1040x You (or your spouse) were a nonresident alien for any part of 2013 and did not elect to be treated as a resident alien for tax purposes. How to fill out 1040x Your MAGI is one of the following. How to fill out 1040x American opportunity credit: $180,000 or more if married filing jointly, or $90,000 or more if single, head of household, or qualifying widow(er). How to fill out 1040x Lifetime learning credit: $127,000 or more if married filing jointly, or $63,000 or more if single, head of household, or qualifying widow(er) . How to fill out 1040x   Generally, your MAGI is the amount on your Form 1040, line 38, or Form 1040A, line 22. How to fill out 1040x However, if you are filing Form 2555, Form 2555–EZ, or Form 4563, or are excluding income from Puerto RIco, add to the amount on your Form 1040, line 38, or Form 1040A, line 22, the amount of income you excluded. How to fill out 1040x For details, see Pub. How to fill out 1040x 970. How to fill out 1040x    Figure 35-A may be helpful in determining if you can claim an education credit on your tax return. How to fill out 1040x The American opportunity credit will always be greater than or equal to the lifetime learning credit for any student who is eligible for both credits. How to fill out 1040x However, if any of the conditions for the American opportunity credit, listed in Table 35-1 earlier, are not met for any student, you cannot take the American opportunity credit for that student. How to fill out 1040x You may be able to take the lifetime learning credit for part or all of that student's qualified education expenses instead. How to fill out 1040x See Pub. How to fill out 1040x 970 for information on other education benefits. How to fill out 1040x Qualified Education Expenses Generally, qualified education expenses are amounts paid in 2013 for tuition and fees required for the student's enrollment or attendance at an eligible educational institution. How to fill out 1040x It does not matter whether the expenses were paid in cash, by check, by credit or debit card, or with borrowed funds. How to fill out 1040x For course-related books, supplies, and equipment, only certain expenses qualify. How to fill out 1040x American opportunity credit: Qualified education expenses include amounts spent on books, supplies, and equipment needed for a course of study, whether or not the materials are purchased from the educational institution as a condition of enrollment or attendance. How to fill out 1040x Lifetime learning credit: Qualified education expenses include amounts for books, supplies, and equipment only if required to be paid to the institution as a condition of enrollment or attendance. How to fill out 1040x Qualified education expenses include nonacademic fees, such as student activity fees, athletic fees, or other expenses unrelated to the academic course of instruction, only if the fee must be paid to the institution as a condition of enrollment or attendance. How to fill out 1040x However, fees for personal expenses (described below) are never qualified education expenses. How to fill out 1040x Qualified education expenses for either credit do not include amounts paid for: Personal expenses. How to fill out 1040x This means room and board, insurance, medical expenses (including student health fees), transportation, and other similar personal, living, or family expenses. How to fill out 1040x Any course or other education involving sports, games, or hobbies, or any noncredit course, unless such course or other education is part of the student's degree program or (for the lifetime learning credit only) helps the student acquire or improve job skills. How to fill out 1040x You should receive Form 1098–T, Tuition Statement, from the institution reporting either payments received in 2013 (box 1) or amounts billed in 2013 (box 2). How to fill out 1040x However, the amount in box 1 or 2 of Form 1098–T may be different from the amount you paid (or are treated as having paid). How to fill out 1040x In completing Form 8863, use only the amounts you actually paid (plus any amounts you are treated as having paid) in 2013, reduced as necessary, as described in Adjustments to Qualified Education Expenses , later. How to fill out 1040x Qualified education expenses paid on behalf of the student by someone other than the student (such as a relative) are treated as paid by the student. How to fill out 1040x Qualified education expenses paid (or treated as paid) by a student who is claimed as a dependent on your tax return are treated as paid by you. How to fill out 1040x If you or the student takes a deduction for higher education expenses, such as on Schedule A or C (Form 1040), you cannot use those expenses in your qualified education expenses when figuring your education credits. How to fill out 1040x Qualified education expenses for any academic period must be reduced by any tax-free educational assistance allocable to that academic period. How to fill out 1040x See Adjustments to Qualified Education Expenses, later. How to fill out 1040x Prepaid Expenses. How to fill out 1040x   Qualified education expenses paid in 2013 for an academic period that begins in the first 3 months of 2014 can be used in figuring an education credit for 2013 only. How to fill out 1040x See Academic period , earlier. How to fill out 1040x For example, if you pay $2,000 in December 2013 for qualified tuition for the 2014 winter quarter that begins in January 2014, you can use that $2,000 in figuring an education credit for 2013 only (if you meet all the other requirements). How to fill out 1040x    You cannot use any amount you paid in 2012 or 2014 to figure the qualified education expenses you use to figure your 2013 education credit(s). How to fill out 1040x Paid with borrowed funds. How to fill out 1040x   You can claim an education credit for qualified education expenses paid with the proceeds of a loan. How to fill out 1040x Use the expenses to figure the credit for the year in which the expenses are paid, not the year in which the loan is repaid. How to fill out 1040x Treat loan payments sent directly to the educational institution as paid on the date the institution credits the student's account. How to fill out 1040x Student withdraws from class(es). How to fill out 1040x   You can claim an education credit for qualified education expenses not refunded when a student withdraws. How to fill out 1040x No Double Benefit Allowed You cannot do any of the following. How to fill out 1040x Deduct higher education expenses on your income tax return (as, for example, a business expense) and also claim an education credit based on those same expenses. How to fill out 1040x Claim more than one education credit based on the same qualified education expenses. How to fill out 1040x Claim an education credit based on the same expenses used to figure the tax-free portion of a distribution from a Coverdell education savings account (ESA) or qualified tuition program (QTP). How to fill out 1040x Claim an education credit based on qualified education expenses paid with educational assistance, such as a tax-free scholarship, grant, or employer-provided educational assistance. How to fill out 1040x See Adjustments to Qualified Education Expenses, next. How to fill out 1040x Adjustments to Qualified Education Expenses For each student, reduce the qualified education expenses paid in 2013 by or on behalf of that student under the following rules. How to fill out 1040x The result is the amount of adjusted qualified education expenses for each student. How to fill out 1040x Tax-free educational assistance. How to fill out 1040x   For tax-free educational assistance received in 2013, reduce the qualified educational expenses for each academic period by the amount of tax-free educational assistance allocable to that academic period. How to fill out 1040x See Academic period , earlier. How to fill out 1040x      Tax-free educational assistance includes:    Tax-free parts of scholarships and fellowships (see chapter 12 of this publication and chapter 1 of Pub. How to fill out 1040x 970), The tax-free part of Pell grants (see chapter 1 of Pub. How to fill out 1040x 970), The tax-free part of employer-provided educational assistance (see Pub. How to fill out 1040x 970), Veterans' educational assistance (see chapter 1 of Pub. How to fill out 1040x 970), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. How to fill out 1040x Generally, any scholarship or fellowship is treated as tax-free educational assistance. How to fill out 1040x However, a scholarship or fellowship is not treated as tax-free educational assistance to the extent the student includes it in gross income (if the student is required to file a tax return) for the year the scholarship or fellowship is received and either: The scholarship or fellowship (or any part of it) must be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in Pub. How to fill out 1040x 970, chapter 1; or The scholarship or fellowship (or any part of it) may be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in Pub. How to fill out 1040x 970, chapter 1. How to fill out 1040x You may be able to increase the combined value of an education credit and certain educational assistance if the student includes some or all of the educational assistance in income in the year received. How to fill out 1040x For details, see Adjustments of Qualified Education Expenses, in chapters 2 and 3 of Pub. How to fill out 1040x 970. How to fill out 1040x Some tax-free educational assistance received after 2013 may be treated as a refund of qualified education expenses paid in 2013. How to fill out 1040x This tax-free educational assistance is any tax-free educational assistance received by you or anyone else after 2013 for qualified education expenses paid on behalf of a student in 2013 (or attributable to enrollment at an eligible educational institution during 2013). How to fill out 1040x If this tax-free educational assistance is received after 2013 but before you file your 2013 income tax return, see Refunds received after 2013 but before your income tax return is filed, later. How to fill out 1040x If this tax-free educational assistance is received after 2013 and after you file your 2013 income tax return, see Refunds received after 2013 and after your income tax return is filed, later. How to fill out 1040x Refunds. How to fill out 1040x   A refund of qualified education expenses may reduce qualified education expenses for the tax year or may require you to repay (recapture) the credit that you claimed in an earlier year. How to fill out 1040x Some tax-free educational assistance received after 2013 may be treated as a refund. How to fill out 1040x See Tax-free educational assistance, earlier. How to fill out 1040x Refunds received in 2013. How to fill out 1040x   For each student, figure the adjusted qualified education expenses for 2013 by adding all the qualified education expenses paid in 2013 and subtracting any refunds of those expenses received from the eligible educational institution during 2013. How to fill out 1040x Refunds received after 2013 but before your income tax return is filed. How to fill out 1040x   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is received before you file your 2013 income tax return, reduce the amount of qualified education expenses for 2013 by the amount of the refund. How to fill out 1040x Refunds received after 2013 and after your income tax return is filed. How to fill out 1040x   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is received after you file your 2013 income tax return, you may need to repay some or all of the credit that you claimed. How to fill out 1040x See Credit recapture, next. How to fill out 1040x Credit recapture. How to fill out 1040x    If any tax-free educational assistance for the qualified education expenses paid in 2013, or any refund of your qualified education expenses paid in 2013, is received after you file your 2013 income tax return, you must recapture (repay) any excess credit. How to fill out 1040x You do this by refiguring the amount of your adjusted qualified education expenses for 2013 by reducing the expenses by the amount of the refund or tax-free educational assistance. How to fill out 1040x You then refigure your education credit(s) for 2013 and figure the amount by which your 2013 tax liability would have increased if you had claimed the refigured credit(s). How to fill out 1040x Include that amount as an additional tax for the year the refund or tax-free assistance was received. How to fill out 1040x Example. How to fill out 1040x    You paid $8,000 tuition and fees in December 2013 for your child's Spring semester beginning in January 2014. How to fill out 1040x You filed your 2013 tax return on February 3, 2014, and claimed a lifetime learning credit of $1,600 ($8,000 qualified education expense paid x . How to fill out 1040x 20). How to fill out 1040x You claimed no other tax credits. How to fill out 1040x After you filed your return, your child withdrew from two courses and you received a refund of $1,400. How to fill out 1040x You must refigure your 2013 lifetime learning credit using $6,600 ($8,000 qualified education expenses − $1,400 refund). How to fill out 1040x The refigured credit is $1,320 and your tax liability increased by $280. How to fill out 1040x You must include the difference of $280 ($1,600 credit originally claimed − $1,320 refigured credit) as additional tax on your 2014 income tax return. How to fill out 1040x See the instructions for your 2014 income tax return to determine where to include this tax. How to fill out 1040x If you also pay qualified education expenses in 2014 for an academic period that begins in the first 3 months of 2014 and you receive tax-free educational assistance, or a refund, as described above, you may choose to reduce your qualified education expenses for 2014 instead of reducing your expenses for 2013. How to fill out 1040x Amounts that do not reduce qualified education expenses. How to fill out 1040x   Do not reduce qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance, or A withdrawal from the student's personal savings. How to fill out 1040x   Do not reduce the qualified education expenses by any scholarship or fellowship reported as income on the student's tax return in the following situations. How to fill out 1040x The use of the money is restricted, by the terms of the scholarship or fellowship, to costs of attendance (such as room and board) other than qualified education expenses, as defined in Chapter 1 of Pub. How to fill out 1040x 970. How to fill out 1040x The use of the money is not restricted. How to fill out 1040x   For examples, see chapter 2 in Pub. How to fill out 1040x 970. How to fill out 1040x Figure 35-A. How to fill out 1040x Can You Claim an Education Credit for 2013? This image is too large to be displayed in the current screen. How to fill out 1040x Please click the link to view the image. How to fill out 1040x Figure 35-A. How to fill out 1040x Can You Claim an Education Credit for 2013? Prev  Up  Next   Home   More Online Publications
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