Our son graduated from college last year, 2021. His College didn't issue a 1098-T because they applied a room and board credit from the Fall of 2020 towards his tuition for the Spring of 2021. In the Fall they were all sent home to continue online, so room and board were not necessary.
On all paperwork, bills, and account status, they show his tuition as 29,500. However, they ran a test 1098-T on their system at my request. Essentially, they took the credit of room and board and applied it to the spring tuition lowering the tuition by over $6000 to make it equal to the grants, scholarships, loans, etc. Then we paid for the difference in tuition, room and board. Room and board are not allowed on the 1098-T.
Basically, they traded apples for oranges to their benefit. We are on the losing end of this equation. What do I do? We already claimed the 4 years for his $2500 a year credit and I am not concerned about that. However, the Life Long Learner tax break with books would give us roughly a $1200 tax credit. I can see from the 1098-T for 2020, that there was no adjustment made to tuition. Adding up the numbers they supplied and the credit they applied for tuition I come back to the original number (almost) $29,250. Some creative accounting going on there. Help me, please.
