- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Academic year ended 2015 but paid the remainder of tuition in 2016, can i deduct for 2016? 1098 only for 2015 but I have bill statements showing paid in 2016.
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Academic year ended 2015 but paid the remainder of tuition in 2016, can i deduct for 2016? 1098 only for 2015 but I have bill statements showing paid in 2016.
If you paid in 2016 for classes that you took in 2016, yes.
If you paid in 2016 for classes that were in 2015, no.
If the school "BILLED" in 2015 for classes that started in 2016, you can pay in 2015 or 2016 and take a credit in the year you paid, but if the classes were in 2015, you can only get a credit for what you paid in 2015 on your 2015 tax year return.
CLICK HERE for IRS Pub 970 Tax Benefits for Education
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Academic year ended 2015 but paid the remainder of tuition in 2016, can i deduct for 2016? 1098 only for 2015 but I have bill statements showing paid in 2016.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Academic year ended 2015 but paid the remainder of tuition in 2016, can i deduct for 2016? 1098 only for 2015 but I have bill statements showing paid in 2016.
If you paid in 2016 for classes that you took in 2016, yes.
If you paid in 2016 for classes that were in 2015, no.
If the school "BILLED" in 2015 for classes that started in 2016, you can pay in 2015 or 2016 and take a credit in the year you paid, but if the classes were in 2015, you can only get a credit for what you paid in 2015 on your 2015 tax year return.
CLICK HERE for IRS Pub 970 Tax Benefits for Education
Still have questions?
Or browse the Forums