A maximum credit of $2500, 40% of which may be refundable.
What is the maximum amount of AOC?
100
20% of the total qualified expenses for ALL eligible students on the tax return.
What is Lifetime Learning Credit?
100
Generally an eligible educational institution sends each student this form containing the info needed to claim education credits.
What is Form 1098T?
100
$90,000 ($180,000 for MFJ)
What is the income limitation for AOC?
100
This credit can be claimed only during the first 4 years of undergrad.
What is AOC?
200
This credit may be claimed for an unlimited number of tax years.
What is the time limit on Lifetime Learning Credit?
200
Tuition, expenses for books, supplies and equipment of a qualified student in an eligible institution.
What are qualified education expenses?
200
Use this form to figure out the eligible education credits and amounts.
What is Form 8863?
200
$61,000 ($122,000 for MFJ)
What is the income limitation for Lifetime Learning Credit?
200
This credit can be claimed even when not atleast a half time student.
What is Lifetime Learning Credit?
300
A taxpayer: whose filing status is MFS
OR who is claimed as a dependent
OR whose MAGI is above $90,000 ($180,000 for MFJ)
Who is NOT eligible for AOC?
300
This is where we figure out the refundable portion of AOC.
What is Part 3 of Form 8863?
300
Use this form to figure out the amount of Tuiton and Fees Deduction.
What is Form 8917?
300
The student had not been convicted of any federal or state felony drug conviction.
What is the special rule for a student to get AOC?
300
A maximum of $4000 can be claimed as a tax deduction, in both undergrad and graduate years of school.
What is Tuition and Fees Deduction?
400
A student enrolled atleast half time in an eligible educational institution in the first 4 years of undergrad, who did not claim AOC in any 4 tax years.
Who is an eligible student for AOC?
400
This shows the total amounts billed to the student for qualified tuition and related expenses.
What is in Box 2 of Form 1098T?
400
This helps you figure out the nonrefundable portion of education credits, carried to line 49 on form 1040.
What is Part 4 of Form 8863?
400
Cost of books is never included in eligible education expenses for this credit.
What is different about qualifying expenses for the purpose of Lifetime Learning Credit?
400
A taxpayer who is doing MS in Marine Sciences, with spouse's income above $130,000 may be eligible for this education benefit.
What is Tuition and Fees Deduction?
500
The first is a credit calculated PER STUDENT and the second is a credit calculated PER RETURN?
What is the main difference between AOC and Lifetime Learning credit?
500
Meals, room and board, transportation.
What are NOT eligible education expenses for AOC, Lifetime Learning Credit, and Tuition and Fees deductions?
500
This line on the tax return shows the amount of Tuition and Fees Deduction.
What is the amount on line 34 on Form 1040?
What is the amount on line 19 on Form 1040A?
500
This education related tax benefit can be claimed IN ADDITION TO any other education benefits claimed for the same student.
What is student loan interest deduction?
500
Is there any deduction available to students who are not eligible for any of the education benefits discussed in this chapter?
Deduction for Work Related Education (with 2% AGI floor) on a Schedule A.