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Instructions for How to Fill in IRS Form 8917

Audrey Goodwin

2024-04-18 11:56:27 • Filed to: Other IRS Forms • Proven solutions

The Tuition and Fees Deduction Form or IRS Form 8917 refers to education expenses. What precisely could be deducted? Well, as the name of the form fairly clearly says, tuition fees, and enrollment only. So any related costs, like accommodation, books, transportation, food, medical expenses, or insurance along with non-credited courses aren't covered by this deduction.

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Instructions for How to Complete IRS Form 8917

Step 1: Download IRS form 8917 from IRS official website. Import the downloaded file in PDFelement. Follow the instructions written on the form to compute the credit and transfer the numbers to IRS form 1040A or 1040.

Step 2: Define if the student meets the basic suitability requirements. In order to claim the deduction for education expenses, the expenses should have been paid in the year for which you're filing an income tax return. The student can't claim the credit if he or she is married and filing individually. The student can't take the credit if someone is able to claim her as an exemption on the tax return or if her adjusted gross income is over $80,000.

Step 3: Confirm the entitlement of the educational institution. The IRS describes a qualified educational institution as any university, college, or vocational institute that is qualified for student aid programs managed by the Department of Education.

Step 4: Compute the qualified education expenses of the student. These are tuition and fees paid to join a capable educational institution.

Step 5: Deduct tax-free educational assistance and refunds of tuition and fees from capable educational expenses. This number is the net amount of capable educational costs that is used to regulate the quantity of the credit.

Step 6: On the first space provided, you have to write personal details about you, which include your first name, last name, Social Security number, and adjust qualifies expenses.

Step 7: Complete columns A through C on line 1 for every student for whom you choose to take the fees and tuition deduction, add them up and put the result on the line 2. If there are more than 3 students who are eligible for the tuition and fees deduction, attach a statement with the necessary details for every additional student.

Step 8: On Line 3 you have to state your total income, so you can simply take it from your on Line 22 of form 1040.

Step 9: On Line 4 is where you add up any expenses that aren't related to student loan interest or tuition. Combine the amounts on Line 23 up to the 33 the Form 1040. Deduct the total amount of these costs from the total income and state the result on the Line 5.

Step 10: Write the total amount of your fees deduction and the tuition fees on the Line 6. In order to determine it, follow this computation: If the amount you write on Line 5 is more than $65,000, you will get $2,000 or the amount on the Line 2. But if the amount on the Line 5 is below $65,000, are able to get the whole $4,000 deduction or the amount on the Line 2. Write the amount of the deduction on the Line 6 and you are finished.

Tips and Warnings for IRS Form 8917

When you compute the deduction, you could only include the amounts you're going pay for the tuition and fees that are necessary for the student to enroll in courses. Before you file the tax return, the school is going to send you a Form 1098-T to report your yearly tuition and fee payments. This is the only amount you are able to write on the Form 8917 since the IRS does not allow you to subtract the cost of books, room, and board, or any other cost
The deduction is just available for the tuition payments that you make for the student to attend an educational program that's qualified to participate in the federal student aid program. This obliges the student to have received either a high school diploma or GED before they enroll for college.
The IRS does not allow you to deduct all the money you pay in tuition, nor is it available to all taxpayers. Form 8917 puts a limit on your twelve-monthly deduction, which is $4,000 for the 2014 tax year. If you pay more than this, the extra is not deductible and can't be used in a future tax year.