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Video instructions and help with filling out and completing 1040a tax table 2021
I'm going to talk now about education credits this is line 31 and you'll see it references formed 88 63 form 88 63 is education credits for hope and Lifetime Learning credits and we'll talk about the difference between both of these credits in just a minute these credits are phased out for single taxpayers with adjusted gross incomes ranging from 47,000 to 57,000 and if you're married filing jointly they phase-out between 94 thousand and one hundred and fourteen thousand dollars you can claim a credit for education if all of the three or following requirements apply you pay for qualified education expenses for higher education you pay the education expenses for an eligible student the eligible student is either yourself your spouse or dependent for whom you can claim a deduction some of the differences between the education credits for the Hope Credit it's up to sixteen hundred and fifty dollars per eligible student it's available only until the first two years the post-secondary education are completed it's available only for two years per eligible student the student must be pursuing an undergraduate degree the student must be enrolled at least half the time during one academic period from the beginning of the year and they must not have a felony drug conviction the Lifetime Learning credit allows a $2,000 credit per return it's available for all years of post-secondary education it's available for an unlimited number of years the student does not have to be pursuing a degree plan it's available for one or more courses and the felony drug conviction rule does not apply.