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IRS Form 1098-T

leiqeltkleiqeltk 0 replies1 discussions
There are two ways to report tuition on this IRS form - one is tuition paid - the other is tuition billed.
How do schools decide with method to use?
One of my children graduated in May 2012. The school uses the tuition billed method; however, I made tuition payments in 2012. Is there anyway I can deduct the tuition I paid in 2012? I took the American Opportunity deduction for tax years 2010 and 2011. (did not for 2008 (first semester freshman and 2009)
edited May 2013 in Parents Forum
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Replies to: IRS Form 1098-T

  • happymomof1happymomof1 100 replies0 discussions Junior Member
    Go back through your own records, and print out the Bursar's Statements from each of your kid's schools. Figure out what you paid, and use those figures. Don't use the figures reported on the 1098T forms. The schools can report for different dates than what you need for your tax returns.

    It is most likely that you can claim the AOC for the child who graduated in 2012. However, you should read through the regulations in http://www.irs.gov/pub/irs-pdf/p970.pdf to be certain. On occasion, parents aren't able to claim this in the graduating year because of the new graduate's income or another reason. If you cannot claim it, it is likely that your child will be able to claim it for him/herself.
    edited May 2013
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