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Think of what would have happened in the Bear Stearns case if JP Morgan Chase was unable or unwilling to step in and do essentially a purchase and assumption. Recall that under FIDICIA there are capital-based triggers for corrective action; the bank is closed when it still has positive net worth; the shareholders are wiped out; management is changed, and when the FDIC becomes the receiver, they have the option to set up a temporary bridge bank to pay off depositors and creditors and sell the assets in an orderly manner. So as long as they resolve the bank at. | 2011 Instructions for Form 8863 Department of the Treasury Internal Revenue Service Education Credits American Opportunity and Lifetime Learning Credits Section references are to the Internal Revenue Code unless otherwise noted. General Instructions What s New Hope credit. The Hope credit is not available for 2011. Future Developments. The IRS has created a page on IRS.gov for information about Form 8863 and its instructions at www.irs.gov form8863. Information about any future developments affecting Form 8863 such as legislation enacted after we release it will be posted on that page. Purpose of Form Use Form 8863 to figure and claim your education credits which are based on qualified education expenses paid to an eligible postsecondary educational institution. For 2011 there are two education credits. The American opportunity credit part of which may be refundable. Complete Parts I III and IV. The lifetime learning credit which is nonrefundable. Complete Parts II and IV. A refundable credit can give you a refund for any part of the credit that is more than your total tax. A nonrefundable credit can reduce your tax but any excess is not refunded to you. Both of these credits have different rules that can affect your eligibility to claim a specific credit. These differences are shown in Table 1 below. You may be able to take the tuition and fees deduction for you your spouse or a dependent instead of an education credit. Figure your tax both ways and choose the one that gives you the lower tax. See Form 8917 Tuition and Fees Deduction and chapter 6 of Pub. 970 Tax Benefits for Education for more information about the tuition and fees deduction. Who Can Claim an Education Credit You may be able to claim an education credit if you your spouse or a dependent you claim on your tax return was a student enrolled at or attending an eligible educational institution. The credits are based on the amount of qualified education expenses paid for the student in 2011 for .
