2023 1098-T box 7 checked

[lola2185]

I finished school in 2024 and did not receive a 1098-T. I saw that my 2023 1098-T had box 7 checked meaning it included payments from 2024. How do i go about filing taxes. I included it in my return and am getting credit for the lifelong learning credit but don't want to be credited twice since it was included in 2023 tax return

[Hal_Al]

The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are either eligible for a tuition credit or possibly your student has taxable scholarship income. 

If you claim the tuition credit, you do need to report that you got one or that you qualify for an exception (the TurboTax interview will handle this)

You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T. 

If you made payments in 2024, and did not count those payments on your 2023 tax return, you may claim the tuition credit on your 2024 tax return. After answering no to the question "did you receive a 1098-T," answer yes to the question "do you qualify for an exception" (you do).  You may not count 2024 expenses that were actually paid in 2023, even if you didn't claim them, already, on your 2023 tax return.

[lola2185]

For the year 2024 I paid $700 for tuition and fees, this amount was included on my 2023 1098-T. when I answer that I did not receive a 2024 1098-T do I put the 710 for amount even if its included on my 2023 1098-T or do i just not include my student status at all. 

[Hal_Al]

Q. Do I put the $710 for amount even if its included on my 2023 1098-T?

A. Yes, if you actually made the payment in 2024.  The 1098-T is frequently erroneous and you are not bound by it. 

You say "For the year 2024 I paid $700 for tuition and fees".  You must not only have paid FOR 2024, you must have also made the payment IN 2024. 

[BrittanyS]

The IRS reviews the payments for the year they are paid in.  If you paid the $700 in 2023 and claimed it on your return, you will not include those payments on your 2024 return because you already received credit for the payments in 2023.  If you made payments in 2024 other than the payments you already claimed you can include those on your 2024 return.  

@lola2185 

[lola2185]

okay, so i filed my taxes already. they have been accepted by the irs but have not released due to child income credit being delayed till February.

I am still getting a refund but since I need to remove my 1098-T and add a 1099-t (that was sent with a diferent amount for my spouse's account which is a different situation)  the refund is less which I anticipated.

I also saw a letter from the IRS which I am assuming is from the missing income. 

Would it still be okay to amend my refund even if I haven't received our refund or should?

@BrittanyS 

[Hal_Al]

Q. Would it still be okay to amend my refund even if I haven't received our refund?

A. No. You must wait until the first tax return has been fully processed before filing an amended return. 

[alyiah]

what if i didn’t claim it in 2023 do i have to amend my 2023 and claim it then

[AmyC]

Qualified Education Expenses - Internal Revenue Service -explains that only qualified expenses paid during the tax year can be included.

If your education expense was paid in 2023, claim it on an amended 2023 return. If you paid the expense in 2024, claim it on your 2024 return.

@alyiah