An individual taxpayer who spends money on higher education may be eligible for the American Opportunity Tax Credit (AOTC). This example covers the eligibility, calculation, and reporting of AOTC on IRS Form 8863 for the 2023 tax year.
An individual taxpayer who spends money on higher education may be eligible for the American Opportunity Tax Credit (AOTC). This example covers the eligibility, calculation, and reporting of AOTC on IRS Form 8863.
The American Opportunity Credit is a federal tax credit that helps taxpayers reduce their federal tax liability for money spent on higher education. This article and video covers how to complete Form 8863.
