IRS Update for Form 8863: Education Tax Credits
The IRS announced today that they will not be able to process tax returns with Form 8863 until mid-February. This is a delay that will impact all tax preparation methods.
What is Form 8863?
Form 8863 is the form that is used to claim the American Opportunity Credit and the Lifetime Learning Credit.
American Opportunity Credit:The American Opportunity Tax Credit is offered to students who pay qualified tuition (and aren’t claimed as dependents elsewhere), as well as to parents who pay expenses for their dependent students or themselves.