Hey all, Thanks. I'll hold off on any more posts until:
1) I print an review Bills from 2018 forward and my 1098T's and 1099Q's from Calendar year 2018 forward.
2) See what the school can tell me as to how they book payments on the 1098T.
I can be wrong but I thought they bill split years, Ex: Bill Fa20 and sp21 together in fa20 and report the payments for both on the 1098-T for 2020.
Since my payment was late, check written in 2021, I thought they would have to report those payments for 1098T in tax year 2021. BUT PERHAPS NOT!
Thus the T and Q are out of sync!
The 1099Q seems more straight forward. Its reported in the calendar tax year the distribution was made and I guess it does not matter for what semester it was, in actuality, meant to cover.
So again, it feels like I will get the credit this year (tax year 2020) since, in effect, the college is showing my distribution (payments on their end) on 1098T covering fa20 and sp21 AND my 1099Q shows, in reality a distribution that was made for fa20 only. My T payments will far exceed my Q distributions.
However, what of next year. The school will again show fa21 and sp22 on the 1098T, but my 1099Q will show the distributions I made for sp21, fa21 and sp22. They may and likely will be greater than my payments for the 2021 year....no credit! Further would that somehow become taxable in TT...I have no idea.....
Again, let me look at my bills and see what the school says. Maybe I have this wrong. It just feels like the T and Q forms should work together but the it seems like they may be out of sync.
Sorry if I confused everyone.
