IRS Form 8863 for the Student Tax Credit

IRS Form 8863 is for getting credit on your income tax for paying for college.  If you had college education expenses for the tax year you may be eligible for a tax break.

The IRS gives you a tax break if you paid for college at a qualified postsecondary school.  That’s anything after high school: college, grad school, higher ed.  You can knock off up to $2500 per student if you have dependents, or up to $2500 of you are filing taxes yourself.

That’s good news for anyone paying for higher education because the name of the game in taxes is to reduce your income. Deductions and credits are how we reduce the adjusted gross income (AGI).  Filling out IRS form 8863 allows you to reduce your AGI and pay less income tax.

If you or your spouse or a dependent was enrolled at an eligible institution of higher education then fill out IRS Form 8863 or take the tuition and fees deduction.  Do you taxes using either the tuition & fees deduction or IRS Form 8863 and see which gives you the better result.

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