1098t tuition payments

[yechando]

Hello, I was an undergraduate full-time student from January 2016 - May 2016. I have a 1098t form however, it states it's from 2015. Do I need to wait for my university to provide me with a 2016 1098t form? The 2015 one seems to include 2016 from the months January through February. If i am to use this 2015 1098t, would i halve the tuition expenses?

[KrisD]

It depends on when you paid for the 2016 classes that were billed in 2015.

Check your student school account statement, if you PAID in 2016, you can claim the expenses.

Be sure to keep a copy of your student account statement with your tax records.

If you paid the tuition in 2015, you can only claim the expenses in 2015.

According to the IRS:

“Generally, the credit is allowed for adjusted qualified education expenses paid in 2016 for an academic period beginning in 2016.....

Prepaid expenses. Qualified education expenses paid in 2016 for an academic period that begins in the first 3 months of 2017 can be used in figuring an education credit for 2016 only. See Academic period, earlier. For example, if you pay $2,000 in December 2016 for qualified tuition for the 2017 winter quarter that begins in January 2017, you can use that $2,000 in figuring an education credit for 2016 only (if you meet all the other requirements). “

CLICK HERE for IRS Pub 970 Tax Benefits for Education