How do I know what the amount of line 7 is on a 1040 when I don't have that information to look at?

"CengageNOWv2 | Online teaching and learning resource from Cengage Learning - Google Chrome X v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false Week 9 - Taxes and Credits II Exercise eBook Calculator Print Item 1. PR.07-11 Instructions Form 8863 Gene's Lifetime Learning Credit for 2018 2. SSP.07-05 Form 8863 X a. Judy Estudiante graduates from high school in June 2018. In the fall, she enrolls for twelve units in Southwest University and receives the following Form 1098-T. CORRECTED FILER'S name, street address, city or town, state or province, 1 Payments country, ZIP or foreign postal code, and telephone number received for OMB No. 1545-1574 Southwest University qualified tuition 1234 Cleveland Ave. and related El Paso, TX 79925 expenses 2018 Tuition $ 5,900.00 Statement Form 1098-T FILER'S employer STUDENT'S TIN 3 If this box is checked, your educational identification no. institution changed its reporting method for 2018 Copy B 12-7652311 434-11-7812 For Student STUDENT'S name 4 Adjustments 5 Scholarships or grants This is important tax made for a prior information and is being year furnished to the IRS. Judy Estudiante This form must be used to complete Form 8863 6 Adjustments to 7 Checked if the amount to claim education Street address (including apt. no.) scholarships or l in box 1 includes amounts credits. Give it to the Progress: 2/2 items Check My Work 3 more Check My Work uses remaining. Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Type here to search O e 9 qb 9:47 AM 10/19/2019"CengageNOWv2 | Online teaching and learning resource from Cengage Learning - Google Chrome X v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false Week 9 - Taxes and Credits II Exercise eBook Calculator Print Item 1. PR.07-11 Instructions Form 886 Gene's Lifetime Learning Credit for 2018 2. SSP.07-05 Form 8863 X $ to complete Form 8863 Street address (including apt. no.) 6 Adjustments to 7 Checked if the amount to claim education 12 Fannin Street scholarships or n box 1 includes amounts credits. Give it to the grants for a prior for an academic period tax preparer or use it to City or town, state or province, country, and ZIP or foreign postal year beginning January-March prepare the tax return. 2019 - code Van Horn, TX 79855 Service Provider/Acct. No. 8 Check if at least half-time student 9 Checked if a 10 Ins. contract reimb (see instr.) graduate student a refund Form 1098-T (keep for your records) www.irs.gov/Form 1098T Department of the Treasury - Internal Revenue Service Judy's parents, Santiago and Sophia Estudiante, pay her tuition and fees, have AGI of $170,000, have pre-credit tax liability of over $20,000, are claiming no other tax credits, and claim Judy as a dependent. Judy has never been arrested or convicted of any crimes. Complete Form 8863 to determine what is the refundable and nonrefundable American Opportunity tax credit Judy's parents can claim for Judy if they file a joint return. If an amount is zero, enter "0". Enter all amounts as positive numbers. Form 8863 Education Credits OMB No. 1545-0074 (American Opportunity and Lifetime Learning Credits) 2018 Department of the Treasury Internal Attach to Form 1040. Attachment Progress: 2/2 items Check My Work 3 more Check My Work uses remaining. Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Type here to search O e qb 9:48 AM A D)) 10/19/2019"CengageNOWv2 | Online teaching and learning resource from Cengage Learning - Google Chrome X v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false Week 9 - Taxes and Credits II Exercise eBook Calculator Print Item 1. PR.07-11 Instructions Form 886 Gene's Lifetime Learning Credit for 2018 2. SSP.07-05 Form 8863 X Name(s) shown on return Your social security number Santiago and Sophia Estudiante Complete a separate Part III on page 2 for each student for whom you're claiming either credit before you complete Parts I and II. CAUTION Part 1 Refundable American Opportunity Credit 1 After completing Part III for each student, enter the total of all amounts from all Parts III, line 30 1 2 Enter: $180,000 if married filing jointly; $90,000 if single, head of household, or qualifying widow(er) 3 Enter the amount from Form 1040, line 7. If you're filing Form 2555, 2555-EZ, or 4563, or you're excluding income from Puerto Rico, see Pub. 970 for the amount to enter 3 4 Subtract line 3 from line 2. If zero or less, stop; you can't take any education credit 4 5 Enter: $20,000 if married filing jointly; $10,000 if single, head of household, or qualifying widow(er) 5 If line 4 is: . Equal to or more than line 5, enter 1.000 on line 6 6 . Less than line 5, divide line 4 by line 5. Enter the result as a decimal (rounded to at least } . . . . . three places) Progress: 2/2 items Check My Work 3 more Check My Work uses remaining. Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Type here to search O e qb 9:48 AM A D)) 10/19/2019"CengageNOWv2 | Online teaching and learning resource from Cengage Learning - Google Chrome X v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false Week 9 - Taxes and Credits II Exercise eBook Calculator Print Item 1. PR.07-11 Instructions Form 8863 Gene's Lifetime Learning Credit for 2018 2. SSP.07-05 Form 8863 X 7 Multiply line 1 by line 6. Caution: If you were under age 24 at the end of the year and meet the conditions described in the instructions, you can't take the refundable American opportunity credit; skip line 8, enter the amount from line 7 on line 9, and check this box . . . . 7 8 Refundable American opportunity credit. Multiply line 7 by 40% (0.40). Enter the amount here and on Form 1040, line 17c. Then go to line 9 below: CO Part II Nonrefundable Education Credits 9 Subtract line 8 from line 7. Enter here and on line 2 of the Credit Limit Worksheet (see instructions) 9 10 After completing Part III for each student, enter the total of all amounts from all Parts III, line 31. If zero, skip lines 11 through 17, enter -0- on line 18, and go to line 19 10 11 Enter the smaller of line 10 or $10,000 11 12 Multiply line 11 by 20% (0.20) 12 13 Enter: $134,000 if married filing jointly; $67,000 if single, head of household, or qualifying widow(er) 13 14 Enter the amount from Form 1040, line 7. If you're filing Form 2555, 2555-EZ, or 4563, or you're excluding income from Puerto Rico, see Pub. 970 for the amount to enter 14 15 Subtract line 14 from line 13. If zero or less, skip lines 16 and 17, enter 0- on line 18, and go to on line 19 15 16 Enter: $20,000 if married filing jointly; $10,000 if single, head of household, or qualifying widow(er) 16 17 If line 15 is: Progress: 2/2 items Check My Work 3 more Check My Work uses remaining. Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Type here to search O e 9 qb 9:48 AM A D)) 10/19/2019"CengageNOWv2 | Online teaching and learning resource from Cengage Learning - Google Chrome X v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false Week 9 - Taxes and Credits II Exercise eBook Calculator Print Item 1. PR.07-11 Instructions Form 8863 Gene's Lifetime Learning Credit for 2018 2. SSP.07-05 Form 8863 X nouwenving ol quumying muomg 17 If line 15 is: . Equal to or more than line 16, enter 1.000 on line 17 and go to line 18 . Less than line 16, divide line 15 by line 16. Enter the result as a decimal (rounded to at least three places) 17 18 Multiply line 12 by line 17. Enter here and on line 1 of the Credit Limit Worksheet (see instructions) 18 19 Nonrefundable education credit. Enter the amount from line 7 of the Credit Limit Worksheet (see instructions) here and on Schedule 3 (Form 1040), line 50. 19 For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 25379M Form 8863 (2018) Form 8863 (2018) Page 2 Name(s) shown on return Your social security number Santiago and Sophia Estudiante Complete Part III for each student for whom you're claiming either the American opportunity credit or lifetime CAUTION learning credit. Use additional copies of page 2 as needed for each student. Part III Student and Educational Institution Information. See instructions. 20 Student name (as shown on page 1 of your tax return) 21 Student social security number (as shown on page 1 of your tax 1 - . Progress: 2/2 items Check My Work 3 more Check My Work uses remaining. Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Type here to search O e qb 9:48 AM A D)) 10/19/2019"CengageNOWv2 | Online teaching and learning resource from Cengage Learning - Google Chrome X v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false Week 9 - Taxes and Credits II Exercise eBook Calculator Print Item 1. PR.07-11 Instructions Form 8863 Gene's Lifetime Learning Credit for 2018 2. SSP.07-05 Form 8863 X 20 Student name (as shown on page 1 of your tax return) 21 Student social security number (as shown on page 1 of your tax Judy Estudiante return) 434-11-7812 22 Educational institution information (see instructions) a Name of first educational institution Name of second educational institution (if any) Southwest University (1) Address, Number and street (or P.O. box). City, town or (1) Address, Number and street (or P.O. box). City, town or post post office, state, and ZIP code. If a foreign address, see office, state, and ZIP code. If a foreign address, see instructions. instructions 1234 Cleveland Avenue, El Paso, TX 79925 (2) Did the student receive Form 1098-T _ Yes O No (2) Did the student receive Form 1098-T from O Yes O No from this institution for 2018? this institution for 2018? (3) Did the student receive Form 1098-T O Yes No (3) Did the student receive Form 1098-T from D Yes O No from this institution for 2017 with box this institution for 2017 with box 2 filled in 2 filled in and box 7 checked? and box 7 checked? (4) Enter the institurion's employer identification number (4) Enter the institution's employer identification number (EIN) if (EIN) if you're claiming the American opportunity credit you're claiming the American opportunity credit or if you or if you checked "Yes" in (2) or (3). You can get the checked "Yes" in (2) or (3). You can get the EIN from Form EIN from Form 1098-T or from the institution. 1098-T or from the institution. 12-7652311 23 Has the Hope Scholarship Credit or American opportunity Yes - Stop! No - Go to line 24. Progress: 2/2 items Check My Work 3 more Check My Work uses remaining. Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Type here to search O e qb 9:48 AM A D)) 10/19/2019"CengageNOWv2 | Online teaching and learning resource from Cengage Learning - Google Chrome X v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false Week 9 - Taxes and Credits II Exercise eBook Calculator Print Item 1. PR.07-11 Instructions Form 8863 Gene's Lifetime Learning Credit for 2018 2. SSP.07-05 Form 8863 X 23 Has the Hope Scholarship Credit or American opportunity Yes - Stop! credit been claimed for this student for any 4 tax years before Go to line 31 for this student. No - Go to line 24. 2018? 24 Was the student enrolled at least half-time for at least one No - Stop! Go to line 31 academic period that began or is treated as having begun in Yes - Go to line 25. for this student. 2018 at an eligible educational institution in a program leading towards a postsecondary degree, certificate, or other recognized postsecondary educational credential? See instructions. 25 Did the student complete the first 4 years of postsecondary Yes - Stop! education before 2018? See instructions. Go to line 31 for this student. No - Go to line 26. 26 Was the student convicted, before the end of 2018, of a Yes - Stop! No - Complete lines 27 felony for possession or distribution of a controlled substance? O Go to line 31 for this student. through 30 for this student. You can't take the American opportunity credit and the lifetime learning credit for the same student in the same year. If you CAUTION complete lines 27 through 30 for this student, don't complete line 31. American Opportunity Credit 27 Adjusted qualified education expenses (see instructions). Don't enter more than $4,000 27 28 Subtract $2,000 from line 27. If zero or less, enter -0- 28 Progress: 2/2 items Check My Work 3 more Check My Work uses remaining. Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Type here to search O e qb 9:48 AM A D)) 10/19/2019"CengageNOWv2 | Online teaching and learning resource from Cengage Learning - Google Chrome X v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false Week 9 - Taxes and Credits II Exercise eBook Calculator Print Item Instructions Form 8863 Gene's Lifetime Learning Credit for 2018 1. PR.07-11 2. SSP.07-05 Form 8863 X CAUTION complete lines 27 through 30 for this student, don't complete line 31. American Opportunity Credit 27 Adjusted qualified education expenses (see instructions). Don't enter more than $4,000 27 28 Subtract $2,000 from line 27. If zero or less, enter -0- 28 29 Multiply line 28 by 25% (0.25) 29 30 If line 28 is zero, enter the amount from line 27. Otherwise, add $2,000 to the amount on line 29 and enter the result. Skip line 31. Include the total of all amounts from all Parts III, line 30, on Part I, line 1. 30 Lifetime Learning Credit 31 Adjusted qualified education expenses (see instructions). Include the total of all amounts from all Parts III, line 31, on Part II, line 10 31 Form 8863 (2018) Credit Limit Worksheet Complete this worksheet to figure the amount to enter on line 19. 1. Enter the amount from Form 8863, line 18 . . . .. 1 2. Enter the amount from Form 8863, line 9 . . . 2. 3. Add lines 1 and 2 . . . . . . . . . . . .. . 3 4. Enter the amount from: Form 1040, line 11 . . . . 4. Progress: 2/2 items Check My Work 3 more Check My Work uses remaining. Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Type here to search O e qb 9:49 AM " 10/19/2019"CengageNOWv2 | Online teaching and learning resource from Cengage Learning - Google Chrome X v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false Week 9 - Taxes and Credits II Exercise eBook Calculator Print Item Instructions Form 8863 Gene's Lifetime Learning Credit for 2018 1. PR.07-11 2. SSP.07-05 Form 8863 X 29 Multiply line 28 by 25% (0.25) 29 30 If line 28 is zero, enter the amount from line 27. Otherwise, add $2,000 to the amount on line 29 and enter the result. Skip line 31. Include the total of all amounts from all Parts III, line 30, on Part I, line 1. 30 Lifetime Learning Credit 31 Adjusted qualified education expenses (see instructions). Include the total of all amounts from all Parts III, line 31, on Part II, line 10 31 Form 8863 (2018) Credit Limit Worksheet Complete this worksheet to figure the amount to enter on line 19. 1. Enter the amount from Form 8863, line 18 . . . . 1 2. Enter the amount from Form 8863, line 9 . . . . . . 2. 3. Add lines 1 and 2 . . . . . . . . .. 3. 4. Enter the amount from: Form 1040, line 11 . . . . . . . . .. . 4. 5. Enter the total of your credits from: Schedule 3 (Form 1040), lines 48 and 49, and Schedule R, line 22 . . . . . . . . .. 5 6. Subtract line 5 from line 4 . . . . . . . . . ... 6. 7. Enter the smaller of line 3 or line 6 here and on Form 8863, line 19 . . . . . . . . 7. 1 Progress: 2/2 items Check My Work 3 more Check My Work uses remaining. Previous Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading Type here to search O e qb 9:49 AM " 10/19/2019