You elect to claim the Hope credit and you figure the amount to claim by completing Parts I 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.
Worksheet 1-1. MAGI for the Hope Credit
| 1. Enter your adjusted gross income
(Form 1040, line 33) |
1. $ |
| 2. Enter your foreign earned
income exclusion (Form 2555, line 40, or Form 2555-EZ, line 18) |
2. $ |
|
| 3. Enter your housing exclusion
(Form 2555, line 34). |
3. |
|
| 4. Enter the amount of
income from Puerto Rico that you are excluding. |
4. |
|
| 5. Enter the amount of
income from American Samoa that you are excluding (Form 4563, line
15). |
5. |
|
| 6. Add the amounts on lines 2, 3, 4,
and 5. |
6. |
| 7. Add the amounts on lines 1 and 6.
This is your modified adjusted gross income. Enter this amount
on line 10 of your Form 8863. |
7. $ |
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