Form 8863 Education Credits (Hope and Lifetime Learning Credits) 2005. Summary: This is an example of Form 8863 (2005) as pertains to the description in the text. The line items completed are:
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“Name(s) shown on return” field contains Jim Grant
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“Your social security number” field contains 000-00-4321
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Under
“Part I: Hope Credit.”:
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“1a. Student's name (as shown on page 1 of your tax return)”
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“First name” field contains Jim
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“Last name” field contains Grant
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“1b. Student's social security number (as shown on page 1 of your tax return)” field contains 000-00-4321
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“1c. Qualified expenses (but do not enter more than $2,000 for each student). See instructions” field contains 2,000
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“1d. Enter the smaller of the amount in column (c) or $1,000” field contains 1,000
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“1e. Add column (c) and column (d)” field contains 3,000
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“1f. Enter one-half of the amount in column (e)” field contains 1,500
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“2. Tentative Hope credit. Add the amounts on line 1, column (f). If you are claiming the lifetime learning credit, go to Part
II; otherwise,
go to Part III” field contains 1,500
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Under
“Part III: Allowable Education Credits”:
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“7. Tentative education credits. Add lines 2 and 6” field contains 1,500
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“8. Enter: $107,000 if married filing jointly; $53,000 if single, head of household, or qualifying widow(er)” field contains
53,000
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“9. Enter the amount from Form 1040, line 38, or Form 1040A, line 22” field contains 34,000
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“10. Subtract line 9 from line 8. If line 9 is equal to or more than line 8, stop; you cannot take any education credits” field
contains 19,000
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“11. Enter: $20,000 if married filing jointly; $10,000 if single, head of household, or qualifying widow(er)” field contains
10,000
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“13. Multiply line 7 by line 12” field contains 1,500
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“14. Enter the amount from Form 1040, line 46, or Form 1040A, line 28” field contains 3,404
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“15. Enter the total, if any, of your credits from Form 1040, lines 47 through 49, or Form 1040A, lines 29 and 30” field contains
0
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“16. Enter the amount from Form 6251, line 31” field contains 0
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“17. Add lines 15 and 16” field contains 0
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“18. Subtract line 17 from line 14. If zero or less, stop; you cannot take any education credits” field contains 3,404
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“19. Education credits. Enter the smaller of line 13 or line 18 here and on Form 1040, lines 49, or Form 1040A, line 31” field contains
1,500
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