1098 T FOR CURRENT SEMESTER

ashleemorris · ‎May 31, 2019

I RECEIVED A 1098 T FORM FOR 2016 BUT DIDN'T PAY ANY TUITION OR ATTEND CLASSES TILL JANUARY 2017. SHOULD I REPORT IT ON 2016 TAXES?

Patrice · ‎May 31, 2019

Since the tuition wasn't paid until 2017, it gets reported on your 2017 tax return. That's one of the purposes of a December billing, to give the taxpayer the option of paying in 2016 or 2017.

It doesn't matter when the tuition was billed or what the 1098-T says. What matters is when was the tuition was actually PAID. If the spring 2017 tuition was paid in 2016, it would be deductible in 2016 (or counted toward the education credit) in 2016.

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Patrice · ‎May 31, 2019

Since the tuition wasn't paid until 2017, it gets reported on your 2017 tax return. That's one of the purposes of a December billing, to give the taxpayer the option of paying in 2016 or 2017.

It doesn't matter when the tuition was billed or what the 1098-T says. What matters is when was the tuition was actually PAID. If the spring 2017 tuition was paid in 2016, it would be deductible in 2016 (or counted toward the education credit) in 2016.