Teachers and Students |
![]() I didn’t correctly claim college education expenses on form 8863. What should I do? File an amended return. You have three years after the deadline for filing your original federal tax return to file an amended return if you missed a tax break or need to make other changes. You’ll need to file a separate Form 1040X for each year you’re amending. Enter the year you’re amending, note the changes you are making, and attach any tax forms that are affected by the change like form 8863 Education Credits. The IRS takes up to 16 weeks to process the amended federal return. You can check its status starting three weeks after you file using the Where’s My Amended Return Tool. The 1040X has to be mailed in to the IRS. Electronic filing is not available. The American Opportunity Credit is worth up to $2,500 per student for each of the first four years of college. The credit is based on 100% of the first $2,000 spent on qualified education expenses and 25% of the next $2,000 spent on eligible expenses for each year of college. The Lifetime Learning tax credit is equal to 20% of the first $10,000 spent on college per student. What mistakes happen commonly that an amended return can fix?
What information will I need to file an amended return? Documentation you will need will be your original filed return, your form 1098-T, your calendar year college payment and invoice printout. You may need a history of your education tax filing regarding the four years per student American Opportunity Tax Credit rule. What if I need help filing an amended return? A tax preparer who files amended returns regularly can give you a reasonable fixed fee quote and handle the filing process for you. Contact us if we can be of assistance. Disclaimer: This article is intended for informational purposes only. Nothing contained on this website is tax or legal advice. You should seek legal counsel before acting upon information on this website.
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AuthorRandy Tarpey CPA Archives
May 2020
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