Question
How is the amount of an education credit determined?
Answer
To calculate an education credit, you must factor in:
- The amount of qualified tuition and related expenses you paid for each eligible student in the taxable year, and
- The amount of your modified adjusted gross income for the taxable year.
The education tax credit amount for each eligible student is also subject to a phaseout.
You must use Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits) to calculate and claim an education credit.
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