8917 Instructions Form 2019-2024

8917 Instructions 2019-2024 Form: What You Should Know

It also reduces your tax bill by about 350 annually on up to 20,000 of educational expenses for those attending a community college. If you don't have a community college degree you still qualify for many scholarships, but you can deduct your education expenses on Schedule A (Form 1040). A tax benefit is available to American citizens studying at community colleges in the U.S. in order to receive a free tuition and fees credit. According to the National Center for Community College Trustees, between 2024 and 2011, individuals who qualified as eligible for the tuition and fees credit contributed 17.4 billion to their families' incomes. A free tuition and fees credit of up to 10,000 is granted for students who complete an accredited college program at an eligible college, university, trade, occupational or vocational school and are enrolled in a program that qualifies as a qualifying degree or certificate. Qualifying degree or certificate must be a baccalaureate, master's, doctorate or doctoral degree from an eligible college, university, trade, occupational or vocational school, or post-secondary educational institution, and you must receive some form of tuition or registration fee. Qualifying degree/certificate program may vary by program, with some programs qualifying as two-year degrees and others as four-year degrees. While community college programs are typically three-year degrees, degrees earned at some higher educational institutions are five-year degrees in some states. However, all education credit allowed by Form 8917 can be used toward the first four years of any four-year degree program, including vocational programs. The tuition and fees credit can't be claimed on amounts paid to pay for your child's education, although you can if the child is enrolled full-time in school, but less than 25% of the hours required for the school to fulfill their educational requirements during the academic year. You can also claim on amounts paid to pay your adult child's educational expenses on any degree program, up to an amount of up to 10,000. Qualifying education credit will be reported on Form 1040, line 21, and reported on Schedule SE, line 20 as a reduced tax deduction.

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