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Wilson College of Textiles
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Lifetime Learning Tax Credit
- We can get a portion of our student fees back on our tax returns through the lifetime learning credit. This is a tax credit, not a deduction, so it subtracts directly off the taxes you owe. Download an 8863 form from the IRS website:
- IRS 8863 Form This is for the hope and lifetime learning, and American Opportunity Credit credits. We don’t qualify for the hope credit or the American Opportunity Credit so skip those sections. Most of us, however, do qualify for the lifetime learning credit. As for “qualified expenses”, not all of our student fees count. The portions that goes to the Wolfline and health center don’t, but everything else does. How do you find out how much counts? Download your 1098T form off of MyPack Portal and subtract box 4 from box 2. The difference is the figure you want to put in form 8863 as your qualified expenses. For most of us who paid fees for both Spring and Fall semesters, that will be around $1000. Follow the form and when you do your 1040 you’ll end up with a tax credit.