How Is the Credit Claimed?

You elect to claim the lifetime learning credit and you figure the amount to claim by completing Parts II and III of Form 8863. A filled-in Form 8863 is shown in the Illustrated Example at the end of this chapter.

An eligible educational institution (such as a college or university) that received payment of qualified tuition and related expenses in 2001 generally must issue Form 1098-T, Tuition Payments Statement, to each student by February 1, 2002. The information on Form 1098-T will help you determine whether you can claim an education tax credit for 2001. The eligible educational institution may ask for a completed Form W-9S, Request for Student's or Borrower's Social Security Number and Certification, or similar statement to obtain the student's name, address, and taxpayer identification number.

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