I took the 2020 spring semester off due to financial reasons. I had an overdue balance from the fall 2019 semester & was sent to collections. I worked & saved up and was able to pay off my balance in July 2020. I had to pay the balance in full in order to be able to return for the fall 2020 semester. I payed a little over $7k and was wondering if I could claim this on my taxes.
If you otherwise qualify for Education Credits in 2020, then you can claim what you paid towards your 2019 expenses. For more information, see the following TurobTax Help Article:
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You may only claim a credit or deduction for expenses actually paid in the year you were enrolled. The one exception does not apply to you*.
*You may claim payments made in the current year for classes starting in the first term of the following year.