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FOCUSGuy
Level 2

Form 1098-T Box 1 Amount - Do I Claim th Box 1 Amount, or What I Paid for Tuition in the Calendar Year 2020.

Box 1 of 2020 Form 1098-T (Payments received for qualified tuition) shows $300. 

 

I paid $200 for academic periods in 2020 and $100 for academic periods in 2021.  (Given that Box 7 is checked, I guess that is highlighting that the school entered $300 rather than $200.)    

 

What amount do I claim on my 2020 1040? 

 

The $300 in Box 1 or the $200 I paid for academic periods in 2020? 

 

(In the later case I guess I would make a note to to claim the $100 for the academic period in 2021, when I file my 2021 1040.)

1 Best answer

Accepted Solutions
Hal_Al
Level 15

Form 1098-T Box 1 Amount - Do I Claim th Box 1 Amount, or What I Paid for Tuition in the Calendar Year 2020.

Claim what you actually paid in 2020, even if it was for the first term of 2021. 

 

The most generous credit, The American Opportunity Credit, can only be claimed 4 times in your life time.  It is worth up $2500. each year.  You may not want to use up one of your 4 times on on a mere $300.

 

But, the AOC can only be used on undergrad and vocational schools.  Grad school is not eligible. 

View solution in original post

2 Replies
Hal_Al
Level 15

Form 1098-T Box 1 Amount - Do I Claim th Box 1 Amount, or What I Paid for Tuition in the Calendar Year 2020.

Claim what you actually paid in 2020, even if it was for the first term of 2021. 

 

The most generous credit, The American Opportunity Credit, can only be claimed 4 times in your life time.  It is worth up $2500. each year.  You may not want to use up one of your 4 times on on a mere $300.

 

But, the AOC can only be used on undergrad and vocational schools.  Grad school is not eligible. 

View solution in original post

FOCUSGuy
Level 2

Form 1098-T Box 1 Amount - Do I Claim th Box 1 Amount, or What I Paid for Tuition in the Calendar Year 2020.

Thank you Hal_Al. 

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