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Does tuition billed last year for this year's education count for this year?
When I leave boxes 1 and 2 blank on my 2014 1098-T, TurboTax asks me if I got a 1098-T last year and asks if I paid tuition last year and asks if box 7 is checked, and I answer "yes" to all of those, but I still don't get any deduction. Do I just not get anything because the bill came a few weeks before the new year or is the software missing something?
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Does tuition billed last year for this year's education count for this year?
It doesn't matter when the the tuition was billed or what the 1098-T says. What matters is when was the tuition was actually PAID. If the spring 2014 tuition was paid in 2013, it was deductible (or counted toward the ed credit) in 2013.
If it wasn't paid until 2014, it gets reported on your 2014 tax return. That's one of the purposes of a December billing, to give the taxpayer the option of paying in 2013 or 2014.
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Does tuition billed last year for this year's education count for this year?
It doesn't matter when the the tuition was billed or what the 1098-T says. What matters is when was the tuition was actually PAID. If the spring 2014 tuition was paid in 2013, it was deductible (or counted toward the ed credit) in 2013.
If it wasn't paid until 2014, it gets reported on your 2014 tax return. That's one of the purposes of a December billing, to give the taxpayer the option of paying in 2013 or 2014.
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Does tuition billed last year for this year's education count for this year?
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Does tuition billed last year for this year's education count for this year?
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Does tuition billed last year for this year's education count for this year?
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Does tuition billed last year for this year's education count for this year?
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Does tuition billed last year for this year's education count for this year?
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Does tuition billed last year for this year's education count for this year?
If that is the case, it will be worth while to sort it out. It most likely will not be necessary to amend 2014. Although you may have entered the full $12,000, probably only $4000 ($10,000 if you are a grad student) was actually used to calculate the tuition credit. Review 2014 form 8863
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Does tuition billed last year for this year's education count for this year?
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Does tuition billed last year for this year's education count for this year?
I don't think you need to amend 2014, if you only got $858. Even though you entered $10,000, it wasn't all used because it only took $4290 (much less than the $8000 allowed) to get you the $858 credit that got your tax bill to 0.
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Does tuition billed last year for this year's education count for this year?
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Does tuition billed last year for this year's education count for this year?
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