The Gaytors paid tuition and fees for both Crocker and Cayman to attend college. Recall that Crocker is a freshman at Brickell State and Cayman is a part-time student in community college. Crocker received a $1,300 scholarship from Brickell State. Crocker’s Form 1098-T is shown below. The Gaytors paid tuition and fees of $1,400 for Cayman in 2023. how do i input this information on 1040?
When you're preparing your Form 1040 (U.S. Individual Income Tax Return), you'll need to consider education credits for the tuition and fees you paid for Crocker and Cayman. The two main education credits are the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). Here's how you might handle the information provided: 1. **American Opportunity Tax Credit (AOTC)**: This credit is available for the first four years of higher education and can be up to $2,500 per eligible student. Since Crocker is a freshman, he may qualify for the AOTC. You would subtract the scholarship amount ($1,300) from the qualified education expenses reported on Form 1098-T to determine the net qualified expenses you can claim for the credit. 2. **Lifetime Learning Credit (LLC)**: This credit is available for undergraduate, graduate, and professional degree courses, including courses to acquire or improve job skills, with a maximum credit of $2,000 per tax return. Since Cayman is a part-time student, you may consider the LLC for his expenses. To claim either credit, you'll need to complete Form 8863, "Education Credits (American Opportunity and Lifetime Learning Credits)," and attach it to your Form 1040. On Form 8863, you'll enter the relevant information for each student, including the amounts paid for tuition and fees, and any scholarships or grants received. The net amount
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