Masters Degree Education Expenses

[gw-surprise]

My wife is taking a masters degree in Education and is getting student loans, current in deferment.   She is 1/2 time.  Should I enter the 1098-Ts in my taxes or is there no benefit now.

My wife has incurred other educational expenses out of pocket.  Should I enter these.

I itemized for 2019 and we are well under the 24,000 standard deduction.

Thank you! 

[Bsch4477]

Assuming you are filing jointly you can use her tuition expenses to claim Lifetime Learning Credit.  It doesn’t matter if the tuition is paid from loans. 

[gw-surprise]

Yes, we are married filing jointly.  So entering the 1098-T will reduce my tax liability this year?

Also, I have a 1098-T from 2018 that I did not file with my 2018 taxes.  Can I enter it in my 2019 taxes.  Thank you!

[Bsch4477]

No. You can only use the 2018 form for 2018 taxes.  You can amend that return if you wish. 

[gw-surprise]

Thank you.

So, I have never amended state and federal returns.  Looks like if I do this I might get $600 bucks back.  Is it worth the trouble.

[Bsch4477]

You would have to check with your state to see if they have education credit credit. To amend your return you would need the 2018 Turbotax program or do it on paper yourself.  Amended returns have to be mailed and take 3-4 months to process.