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bettybcafe
Big brother in the making
Member since 7/07 8611 total posts
Name:
M
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1098T tax question- Im very confused.
Ok, so I was able to view my husbands 1098T form online and under were it says, " Amounts Billed for qualified tuition and related expenses" it says "0" why is that if we paid for tuition that term (this was Spring of 2011). It then says "A representation of the Tuition Statement form 1098-T is shown below. This will not be sent to you or to the Internal Revenue Service as the amounts do not require reporting. Select links on the reported amounts to review the associated detail." Im so confused.
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Posted 2/2/12 2:53 PM  |
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Argyle808
LIF Toddler
Member since 1/11 446 total posts
Name:
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Re: 1098T tax question- Im very confused.
How many credits did your husband take? I think you need to take at least 6 credits in a semester to be eligible.
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| Posted 2/2/12 2:59 PM |
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bettybcafe
Big brother in the making
Member since 7/07 8611 total posts
Name:
M
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Re: 1098T tax question- Im very confused.
Posted by Argyle808
How many credits did your husband take? I think you need to take at least 6 credits in a semester to be eligible.
He took 10 credits that semester. Does it matter the grade he got on the courses?
Message edited 2/2/2012 3:01:51 PM.
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| Posted 2/2/12 3:01 PM |
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Argyle808
LIF Toddler
Member since 1/11 446 total posts
Name:
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Re: 1098T tax question- Im very confused.
Posted by bettybcafe
Does it matter the grade he got on the courses?
His grades shouldn't matter.
Sorry I can't be of any help, maybe the Bursar's office at his school can answer your questions. Good luck!
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| Posted 2/2/12 3:19 PM |
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acm1899
LIF Adult
Member since 1/11 1085 total posts
Name:
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Re: 1098T tax question- Im very confused.
Posted by bettybcafe
Posted by Argyle808
How many credits did your husband take? I think you need to take at least 6 credits in a semester to be eligible.
He took 10 credits that semester. Does it matter the grade he got on the courses?
Grades have no bearing. Is it possible you paid the tuition in Dec '10?
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| Posted 2/2/12 3:22 PM |
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bettybcafe
Big brother in the making
Member since 7/07 8611 total posts
Name:
M
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Re: 1098T tax question- Im very confused.
Posted by acm1899
Posted by bettybcafe
Posted by Argyle808
How many credits did your husband take? I think you need to take at least 6 credits in a semester to be eligible.
He took 10 credits that semester. Does it matter the grade he got on the courses?
Grades have no bearing. Is it possible you paid the tuition in Dec '10?
This is actually what I think might have happened. When I looked at the 1098T form for 2010 it says it includes Spring of 2011...here is the tricky part and Im not sure what to do now...
DH use to work for a company that paid his college tuition so I guess for the fall semester of 2010 the job paid for it but then he got fired and we had to pay for the Spring 2011 out of pocket. But it now seems both those semesters were put on the 2010 - 1098T form which I can use anymore right?
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| Posted 2/2/12 3:25 PM |
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bettybcafe
Big brother in the making
Member since 7/07 8611 total posts
Name:
M
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Re: 1098T tax question- Im very confused.
sorry- double post
Message edited 2/2/2012 3:25:50 PM.
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| Posted 2/2/12 3:25 PM |
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acm1899
LIF Adult
Member since 1/11 1085 total posts
Name:
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Re: 1098T tax question- Im very confused.
Posted by bettybcafe
Posted by acm1899
Grades have no bearing. Is it possible you paid the tuition in Dec '10?
This is actually what I think might have happened. When I looked at the 1098T form for 2010 it says it includes Spring of 2011...here is the tricky part and Im not sure what to do now...
DH use to work for a company that paid his college tuition so I guess for the fall semester of 2010 the job paid for it but then he got fired and we had to pay for the Spring 2011 out of pocket. But it now seems both those semesters were put on the 2010 - 1098T form which I can use anymore right?
Because almost all individual taxpayers are on a cash basis, the year in which you paid for the school expenses is when you are supposed to claim the credit, even though the classes weren't until the following year. Check your 2010 tax return and if you didn't already claim the expenses, then you may need to file an amended tax return. If you try to claim them in 2011 the IRS may disallow it since 0 was reported to them for that year.
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| Posted 2/2/12 3:30 PM |
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bettybcafe
Big brother in the making
Member since 7/07 8611 total posts
Name:
M
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Re: 1098T tax question- Im very confused.
Posted by acm1899
Posted by bettybcafe
Posted by acm1899
Grades have no bearing. Is it possible you paid the tuition in Dec '10?
This is actually what I think might have happened. When I looked at the 1098T form for 2010 it says it includes Spring of 2011...here is the tricky part and Im not sure what to do now...
DH use to work for a company that paid his college tuition so I guess for the fall semester of 2010 the job paid for it but then he got fired and we had to pay for the Spring 2011 out of pocket. But it now seems both those semesters were put on the 2010 - 1098T form which I can use anymore right?
Because almost all individual taxpayers are on a cash basis, the year in which you paid for the school expenses is when you are supposed to claim the credit, even though the classes weren't until the following year. Check your 2010 tax return and if you didn't already claim the expenses, then you may need to file an amended tax return. If you try to claim them in 2011 the IRS may disallow it since 0 was reported to them for that year.
My goodness, this is so confusing lol. If I amend my 2010....out of the $3011 that was listed on the 2010 1098T form would I just enter whatever it was that I paid out of pocket. The thing is that the school did pay about half of his tuition..we paid the rest.
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| Posted 2/2/12 7:43 PM |
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