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H&r block at home Publication 970 - Additional Material Table of Contents AppendicesAppendix A. H&r block at home Illustrated Example of Education Credits Glossary Appendices The following appendices are provided to help you claim the education benefits that will give you the lowest tax. H&r block at home Appendix A—An illustrated example of education credits, including a filled-in Form 8863 showing how to claim both the American opportunity credit and lifetime learning credit for 2013. H&r block at home Appendix B—A chart summarizing some of the major differences between the education tax benefits discussed in this publication. H&r block at home It is intended only as a guide. H&r block at home Look in this publication for more complete information. H&r block at home   Appendix A. H&r block at home Illustrated Example of Education Credits Dave and Valerie Jones are married and on their 2013 joint tax return they claim exemptions for their two dependent children, Sean (age 21, social security number: 000-00-0001) and Carey (age 18, social security number: 000–00–0002). H&r block at home Their modified adjusted gross income (MAGI) on Form 1040, line 38 is $110,000. H&r block at home Because Dave and Valerie have unusually high itemized deductions, their taxable income is $10,000 and their tax before credits is $1,000. H&r block at home Sean enrolled as a full-time graduate student in August 2013 at California State College. H&r block at home He graduated with his bachelor's degree in 2012 and did not attend school from January 2013 through July 2013. H&r block at home His parents claimed the Hope Scholarship Credit for Sean for 2008 and the American opportunity credit for Sean for 2010, 2011, and 2012. H&r block at home Carey enrolled full time as a freshman at the same college in January 2013 to begin working on her bachelor's degree. H&r block at home In 2013, Dave and Valerie paid $7,000 in tuition for Sean and $8,500 in tuition for Carey. H&r block at home California State College issued two Forms 1098-T, one for Sean and one for Carey, and sent them to the Joneses' residence. H&r block at home California State College reports amounts billed in 2013 instead of amounts paid during 2013. H&r block at home In completing Form 8863, the Joneses use the amounts they paid. H&r block at home Neither Sean nor Carey has been convicted of a felony for possession or distribution of a controlled substance before the end of 2013. H&r block at home Dave and Valerie figure their education credits by completing Form 8863. H&r block at home They begin Form 8863 on page 2 before completing Part I on page 1. H&r block at home Because the Joneses have two eligible students, they will complete page 2 twice, once for their son, Sean, and once for their daughter, Carey. H&r block at home The Joneses decide to complete Part III for Carey first, as shown later. H&r block at home They carry over the amount of $2,500 entered on Part III, line 30, to Part I, line 1. H&r block at home The Joneses complete a separate Part III for their son Sean. H&r block at home They check the “Yes” box on line 23, determine that Sean is not eligible for the American opportunity credit, and go to line 31 as instructed. H&r block at home They figure their line 31 adjusted qualified education expenses for Sean to be $7,000. H&r block at home Once they have completed Part III for each student, they figure their credits. H&r block at home The Joneses figure their refundable American opportunity credit of $1,000 by completing Form 8863, Part I, lines 1 through 8. H&r block at home They enter the amount from line 8, $1,000, on line 66 of their Form 1040. H&r block at home The Joneses enter $7,000 on Part II, line 10, of Form 8863 and figure their tentative lifetime learning credit for 2013 to be $1,400 (line 12). H&r block at home They cannot claim the full amount because their MAGI of $110,000 is greater than $107,000. H&r block at home They enter the reduced amount of $1,190 (figured on Part II, line 18) on the Credit Limit Worksheet, line 1. H&r block at home The $1,190 is added to their nonrefundable American opportunity credit ($1,500 on line 2 of the Credit Limit Worksheet) for a total nonrefundable credit of $2,690. H&r block at home The Joneses enter $1,000 on line 7 of the Credit Limit Worksheet, which is the smaller of their tax from line 46 of their Form 1040 (which is $1,000) or the $2,690 on line 3 of the Credit Limit Worksheet. H&r block at home They enter $1,000 on line 19, Part II of Form 8863 and on line 49 of Form 1040. H&r block at home This image is too large to be displayed in the current screen. H&r block at home Please click the link to view the image. H&r block at home Form 1098-T Adjusted Qualified Education Expenses Worksheet (Form 8863 instructions) 1. H&r block at home Total qualified education expenses paid for or on behalf of the student in 2013 for the academic period 8,500 2. H&r block at home Less adjustments:     a. H&r block at home Tax-free educational assistance received in 2013 allocable to the academic period   0     b. H&r block at home Tax-free educational assistance received in 2014 (and before you file your 2013 tax return) allocable to the academic period   0     c. H&r block at home Refunds of qualified education expenses paid in 2013 if the refund is received in 2013 or in 2014 before you file your 2013 tax return   0   3. H&r block at home Total adjustments (add lines 2a, 2b, and 2c) 0 4. H&r block at home Adjusted qualified education expenses. H&r block at home Subtract line 3 from line 1. H&r block at home If zero or less, enter -0- 8,500 This image is too large to be displayed in the current screen. H&r block at home Please click the link to view the image. H&r block at home Form 1098-T Adjusted Qualified Education Expenses Worksheet (Form 8863 instructions) 1. H&r block at home Total qualified education expenses paid for or on behalf of the student in 2013 for the academic period 7,000 2. H&r block at home Less adjustments:     a. H&r block at home Tax-free educational assistance received in 2013 allocable to the academic period   0     b. H&r block at home Tax-free educational assistance received in 2014 (and before you file your 2013 tax return) allocable to the academic period   0     c. H&r block at home Refunds of qualified education expenses paid in 2013 if the refund is received in 2013 or in 2014 before you file your 2013 tax return   0   3. H&r block at home Total adjustments (add lines 2a, 2b, and 2c) 0 4. H&r block at home Adjusted qualified education expenses. H&r block at home Subtract line 3 from line 1. H&r block at home If zero or less, enter -0- 7,000 Credit Limit Worksheet (Form 8863 instructions) Nonrefundable Credit Worksheet 1. H&r block at home Enter the amount from Form 8863, line 18 1. H&r block at home 1,190 2. H&r block at home Enter the amount from Form 8863, line 9 2. H&r block at home 1,500 3. H&r block at home Add lines 1 and 2 3. H&r block at home 2,690 4. H&r block at home Enter the amount from: Form 1040, line 46; or Form 1040A, line 28 4. H&r block at home 1,000 5. H&r block at home Enter the amount from either: Form 1040, lines 47 and 48, and the amount from Schedule R included on Form 1040, line 53; or Form 1040A, lines 29 and 30 5. H&r block at home 0 6. H&r block at home Subtract line 5 from line 4 6. H&r block at home 1,000 7. H&r block at home   Enter the smaller of line 3 or line 6 here and on Form 8863, line 19 7. H&r block at home 1,000 This image is too large to be displayed in the current screen. H&r block at home Please click the link to view the image. H&r block at home Form 8863 for Dave and Valerie Jones This image is too large to be displayed in the current screen. H&r block at home Please click the link to view the image. H&r block at home Carey Jones page 2 This image is too large to be displayed in the current screen. H&r block at home Please click the link to view the image. H&r block at home Filled-in Form 8863 Jones page 2 Appendix B. H&r block at home Highlights of Education Tax Benefits for Tax Year 2013 This chart highlights some differences among the benefits discussed in this publication. H&r block at home See the text for definitions and details. H&r block at home Do not rely on this chart alone. H&r block at home    Caution:You generally cannot claim more than one benefit for the same education expense. H&r block at home   Scholarships,  Fellowships, Grants, and  Tuition  Reductions American Opportunity Credit Lifetime Learning Credit Student Loan Interest Deduction Tuition and Fees Deduction Coverdell ESA† Qualified Tuition Program (QTP)† Education Exception to Additional Tax on Early IRA Distributions† Education Savings Bond Program† Employer- Provided Educational Assistance† Business Deduction for Work-Related Education What is your  benefit? Amounts received may not be taxable   Credits can reduce the amount of tax you have to pay. H&r block at home    40% of the credit may be refundable (limited to $1,000 per student). H&r block at home Credits can reduce amount of tax you must pay Can deduct interest paid Can deduct expenses Earnings not  taxed Earnings not taxed No 10%  additional tax on early distribution Interest not taxed Employer benefits not taxed Can deduct expenses What is the annual limit? None $2,500 credit per student $2,000 credit per tax return     $2,500 deduction $4,000 deduction $2,000 contribution per beneficiary None Amount of qualified  education expenses Amount of qualified  education expenses $5,250 exclusion Amount of qualifying work-related education expenses What expenses  qualify besides  tuition and required enrollment fees? Course-related expenses such as fees, books, supplies, and equipment Course-related books, supplies, and equipment Amounts paid for required books, etc. H&r block at home , that must be paid to the educational institution, etc. H&r block at home , are required fees Books Supplies Equipment  Room & board  Transportation  Other necessary expenses  None Books Supplies Equipment  Expenses for special needs services  Payments to QTP  Higher education: Room & board if  at least half-time  student  Elem/sec (K–12) education: Tutoring Room & board Uniforms Transportation Computer  access Supplementary expenses Books Supplies Equipment  Room & board if  at least half-time student  Expenses for special needs services Books Supplies Equipment  Room & board if  at least half-time student  Expenses for special needs services Payments to Coverdell ESA  Payments to QTP Books Supplies Equipment Transportation  Travel  Other necessary expenses   Scholarships,  Fellowships, Grants, and  Tuition  Reductions American Opportunity Credit Lifetime Learning Credit Student Loan Interest Deduction Tuition and Fees Deduction Coverdell ESA† Qualified Tuition Program (QTP)† Education Exception to Additional Tax on Early IRA Distributions† Education Savings Bond Program† Employer- Provided Educational Assistance† Business Deduction for Work-Related Education What education qualifies? Undergraduate & graduate  K–12 Undergraduate & graduate Undergraduate & graduate  Courses to acquire or improve job skills    Undergraduate & graduate Undergraduate & graduate Undergraduate & graduate  K–12 Undergraduate & graduate Undergraduate & graduate Undergraduate & graduate Undergraduate & graduate Required by employer or law to keep present job, salary, status  Maintain or improve job skills What are some of the other  conditions that  apply? Must be in degree or vocational program  Payment of tuition and required fees must be allowed under the grant Can be claimed for only 4 tax years (which includes years Hope Scholarship Credit claimed)  Must be enrolled at least half-time in degree program  No felony drug conviction(s)  Must not have completed first 4 years of postsecondary education before end of preceding tax year. H&r block at home   No other conditions Must have been at least half-time  student in degree program Cannot claim both deduction & education credit for same student in same year Assets must be distributed at age 30 unless special  needs beneficiary No other conditions No other conditions Applies only to qualified series  EE bonds issued after 1989 or series I bonds No other conditions Cannot be to  meet minimum educational requirements of present trade/business  Cannot qualify  you for new trade/business   In what income  range do benefits  phase out? No phaseout $80,000 – $90,000  $160,000 – $180,000 for joint returns $53,000 – $63,000  $107,000 – $127,000 for joint returns $60,000 – $75,000  $125,000 –  $155,000 for  joint returns  $60,000 – $80,000  $130,000 –  $160,000 for  joint returns  $95,000 – $110,000  $190,000 – $220,000 for  joint returns No phaseout No phaseout   No phaseout No phaseout † Any nontaxable distribution is limited to the amount that does not exceed qualified education expenses. H&r block at home Glossary The education benefits included in this publication were enacted over many years, leading to a number of common terms being defined differently from one benefit to the next. H&r block at home For example, an eligible educational institution means one thing when determining if earnings from a Coverdell education savings account are not taxable and something else when determining if a scholarship or fellowship is not taxable. H&r block at home For each term listed below that has more than one definition, the definition for each education benefit is listed. H&r block at home Academic period:   A semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. H&r block at home If an educational institution uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. H&r block at home Adjusted qualified education expenses (AQEE):    Qualified education expenses (defined later) reduced by any tax-free educational assistance, such as a tax-free scholarship or employer-provided educational assistance. H&r block at home They must also be reduced by any qualified education expenses deducted elsewhere on your return, used to determine an education credit or other benefit, or used to determine a tax-free distribution. H&r block at home For information on a specific benefit, see the appropriate chapter in this publication. H&r block at home Candidate for a degree:   A student who meets either of the following requirements. H&r block at home Attends a primary or secondary school or pursues a degree at a college or university, or Attends an accredited educational institution that is authorized to provide: A program that is acceptable for full credit toward a bachelor's or higher degree, or A program of training to prepare students for gainful employment in a recognized occupation. H&r block at home Designated beneficiary:   The individual named in the document creating the account/plan who is to receive the benefit of the funds in the account/plan. H&r block at home Eligible educational institution:    American opportunity credit. H&r block at home Any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. H&r block at home It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. H&r block at home Coverdell education savings account (ESA). H&r block at home Any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. H&r block at home It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. H&r block at home Also included is any public, private, or religious school that provides elementary or secondary education (kindergarten through grade 12), as determined under state law. H&r block at home Education savings bond program. H&r block at home Same as American opportunity credit in this category. H&r block at home IRA, early distributions from. H&r block at home Same as American opportunity credit in this category. H&r block at home Lifetime learning credit. H&r block at home Same as American opportunity credit in this category. H&r block at home Qualified tuition program (QTP). H&r block at home Same as American opportunity credit in this category. H&r block at home Scholarships and fellowships. H&r block at home An institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. H&r block at home Student loan, cancellation of. H&r block at home Same as Scholarships and fellowships in this category. H&r block at home Student loan interest deduction. H&r block at home Any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. H&r block at home It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. H&r block at home Also included is an institution that conducts an internship or residency program leading to a degree or certificate from an institution of higher education, a hospital, or a health care facility that offers postgraduate training. H&r block at home Tuition and fees deduction. H&r block at home Same as American opportunity credit in this category. H&r block at home Eligible student:    American opportunity credit. H&r block at home A student who meets all of the following requirements for the tax year for which the credit is being determined. H&r block at home Did not have expenses that were used to figure an American opportunity or Hope Scholarship Credit in any 4 earlier tax years. H&r block at home Had not completed the first 4 years of postsecondary education (generally the freshman through senior years). H&r block at home For at least one academic period beginning in the tax year, was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential at an eligible educational institution. H&r block at home Was free of any federal or state felony conviction for possessing or distributing a controlled substance as of the end of the tax year. H&r block at home Lifetime learning credit. H&r block at home A student who is enrolled in one or more courses at an eligible educational institution. H&r block at home Student loan interest deduction. H&r block at home A student who was enrolled at least half-time in a program leading to a postsecondary degree, certificate, or other recognized educational credential at an eligible educational institution. H&r block at home Tuition and fees deduction. H&r block at home A student who is enrolled in one or more courses at an eligible educational institution. H&r block at home Half-time student:   A student who is enrolled for at least half the full-time academic work load for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. H&r block at home Modified adjusted gross income (MAGI):    American opportunity credit. H&r block at home Adjusted gross income (AGI) as figured on the federal income tax return, modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. H&r block at home Coverdell education savings account (ESA). H&r block at home Same as American opportunity credit in this category. H&r block at home Education savings bond program. H&r block at home Adjusted gross income (AGI) as figured on the federal income tax return without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. H&r block at home Lifetime learning credit. H&r block at home Same as American opportunity credit in this category. H&r block at home Student loan interest deduction. H&r block at home Adjusted gross income (AGI) as figured on the federal income tax return without taking into account any student loan interest deduction, tuition and fees deduction, or domestic production activities deduction, and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. H&r block at home Tuition and fees deduction. H&r block at home Adjusted gross income (AGI) as figured on the federal income tax return without taking into account any tuition and fees deduction, or domestic production activities deduction, and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. H&r block at home Phaseout:   The amount of credit or deduction allowed is reduced when modified adjusted gross income (MAGI) is greater than a specified amount of income. H&r block at home Qualified education expenses:   See pertinent chapter for specific items. H&r block at home    American opportunity credit. H&r block at home Tuition and certain related expenses (including student activity fees) required for enrollment or attendance at an eligible educational institution. H&r block at home Books, supplies, and equipment needed for a course of study are included even if not purchased from the educational institution. H&r block at home Does not include expenses for room and board. H&r block at home Does not include expenses for courses involving sports, games, or hobbies (including noncredit courses) that are not part of the student's postsecondary degree program. H&r block at home Coverdell education savings account (ESA). H&r block at home Expenses related to or required for enrollment or attendance of the designated beneficiary at an eligible elementary, secondary, or postsecondary school. H&r block at home Many specialized expenses included for K–12. H&r block at home Also includes expenses for special needs services and contribution to qualified tuition program (QTP). H&r block at home Education savings bond program. H&r block at home Tuition and fees required to enroll at or attend an eligible educational institution. H&r block at home Also includes contributions to a qualified tuition program (QTP) or Coverdell education savings account (ESA). H&r block at home Does not include expenses for room and board. H&r block at home Does not include expenses for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. H&r block at home IRA, early distributions from. H&r block at home Tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution, plus certain limited costs of room and board for students who are enrolled at least half-time. H&r block at home Also includes expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. H&r block at home Lifetime learning credit. H&r block at home Tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. H&r block at home Student-activity fees and expenses for course-related books, supplies, and equipment are included only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance. H&r block at home Does not include expenses for room and board. H&r block at home Does not include expenses for courses involving sports, games, or hobbies (including noncredit courses) that are not part of the student's postsecondary degree program, unless taken by the student to acquire or improve job skills. H&r block at home Qualified tuition program (QTP). H&r block at home Tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution, plus certain limited costs of room and board for students who are enrolled at least half-time. H&r block at home Includes expenses for special needs services and computer access. H&r block at home Scholarships and fellowships. H&r block at home Expenses for tuition and fees required to enroll at or attend an eligible educational institution, and course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. H&r block at home Course-related items must be required of all students in the course of instruction. H&r block at home Student loan interest deduction. H&r block at home Total costs of attending an eligible educational institution, including graduate school (however, limitations may apply to the cost of room and board allowed). H&r block at home Tuition and fees deduction. H&r block at home Tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. H&r block at home Student-activity fees and expenses for course-related books, supplies, and equipment are included only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance. H&r block at home Recapture:   To include as income on your current year's return an amount allowed as a deduction in a prior year. H&r block at home To include as tax on your current year's return an amount allowed as a credit in a prior year. H&r block at home Rollover:   A tax-free distribution to you of cash or other assets from a tax-favored plan that you contribute to another tax-favored plan. H&r block at home Transfer:   A movement of funds in a tax-favored plan from one trustee directly to another, either at your request or at the trustee's request. H&r block at home Prev  Up  Next   Home   More Online Publications
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The H&r Block At Home

H&r block at home Publication 4492-B - Introductory Material Table of Contents Introduction Useful Items - You may want to see: Introduction This publication explains the major provisions of the Heartland Disaster Tax Relief Act of 2008 that apply only to the Midwestern disaster areas. H&r block at home Other benefits that may apply to taxpayers in Midwestern disaster areas are covered in Publication 547, Casualties, Disasters, and Thefts. H&r block at home Be sure to read both publications. H&r block at home Useful Items - You may want to see: Publication 526 Charitable Contributions 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 547 Casualties, Disasters, and Thefts 946 How To Depreciate Property 4492-A Information for Taxpayers Affected by the May 4, 2007, Kansas Storms and Tornadoes Form (and Instructions) 4506 Request for Copy of Tax Return 4506-T Request for Transcript of Tax Return 4684 Casualties and Thefts 5884-A Credits for Affected Midwestern Disaster Area Employers 8863 Education Credits (American Opportunity, Hope, and Lifetime Learning Credits) 8914 Exemption Amount for Taxpayers Housing Midwestern Displaced Individuals 8930 Qualified Disaster Recovery Assistance Retirement Plan Distributions and Repayments Prev  Up  Next   Home   More Online Publications