1098-t

[anna_chronistic]

My taxes are not complicated, but every year I just feel sick when it comes time to do them. I have a new question this year...

In 2010 I took classes in fall at a university, and I paid the tuition late -- in January 2011. So I didn't put that amount in my 2010 taxes because I paid it in 2011. I thought that made sense. But the 1098-T I received from the university for 2011 is showing the amount I paid in 2011 as an adjustment in Box 4 -- but I never claimed it in 2010, so do I need to adjust for it? Maybe I'm confused, I'll double-check the taxes I filed last year, but I remember that I was billed in 2010 (and my 1098-T showed "amount BILLED") but I didn't claim it -- I couldn't, of course -- because I didn't pay until Jan. 2011.

Do I have to file amended taxes for 2010 showing the amount I paid for that year's tuition, or can I claim the tuition payments in my 2011 taxes since that's when I paid? Honestly, I would rather lose out on a bit of a refund and just not fuss with amending taxes, but will 2011's 1098-T showing an adjustment cause a problem? Can I just not claim it at all? It would not bother me to lose out on a few dollars if it causes me less stress, honestly.

[photo]

Originally Posted by anna_chronistic

Can I just not claim it at all? It would not bother me to lose out on a few dollars if it causes me less stress, honestly.

You might try doing the math to see if it is deductible. If it is not, then there's no reason to file an amended return. The lower your AGI, the better the chances it's deductible.

[johna]

Since your taxes are filed on a cash basis you should be able to deduct that late payment for 2011. I would double check with a professional.

[GrimJack]

You could call 800 829 0922 and ask for '1098 tax law' when someone answers - hours are from 7am to 7pm (local time) Monday thru Friday - call after 5pm middle of the week to get thru quicker. You should be put right thru to someone trained in the appropriate tax law issues.