Report what you paid in 2016.
This year the IRS requires educational institutions to file a 1098-T however they are only required to report Box 2, what the school "billed".
If you received a 2016 1098-T from the school, use the 1098-T as a guide, but use your own school account records and receipts to report what you paid.
The IRS wants to know what you paid.
Education credits are based on what you paid.
When entering the information in Turbotax:
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Enter the information from the 1098-T, such as school name and address.
- After you fill in box Box 2, but click on "What if this is not what (your name) paid to the school?"
- You can enter the tuition and fees you paid to the school for classes in 2016 here even if the school did not report it. Include any financial aid that was paid to the school.
Make sure you have a record of the payment, school records are adequate.
Also, be aware that some schools bill in December for next year classes.
Take credit for all you paid and only what you paid in 2016.
Next year the 1098-T 's are required to report Box 1, what the school "received".
