Client received 1098-T Box 1 $10,000
School allowed deferral of payment until fall of 2021
So he paid non in 2020, advise as to when to claim?
Thanks
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Tuition is claimed in year paid, I always have my clients provide their receipts, as 1098s are notorious for being incorrect
Tuition is claimed in year paid, I always have my clients provide their receipts, as 1098s are notorious for being incorrect
I do too but I was hoping for a Covid exception of some sort.
Don't ask us, ask the school. Maybe they arranged a loan from a third party, so that the tuition did get paid. Box 1 should show only amounts actually received. If it's wrong, get it corrected.
@BobKamman Bob, have you ever been able to get a corrected 1098T ? if you have, your doing better than me. Many years ago I would try, but now I don't bother. I guess that is the reason the 1098T worksheets in most professional tax software make a box to put the amount actually paid. 😁
A few years ago one of the Universities where I lived had messed up the original 1098T's and issued corrected ones to the students that were affected by it. (I had nothing to do with talking them into correcting them. 😁 I don't know if someone else did or if they discovered it on their own).
@Terry53029 " Bob, have you ever been able to get a corrected 1098T ? "
I tell the client to do that. They're going to college to learn how to be adults like that. The situation improved in the last couple years when the 1098-T was changed to show only the amounts paid, not billed. Around here the winter semester was almost always billed in late December but not paid until early January.
It's still a scam, though, like solar energy credits. They passed a $2,000 credit, so solar heaters immediately went up in price by $2,000. They passed a $2,500 tuition credit, so colleges immediately raised tuition by $2,500.
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