ILLMAS Posted February 13, 2016 Report Posted February 13, 2016 TP daughter 2014 reflected spring 2015 tuition, however she did not enroll for the fall 2015/spring 2016 semester, so the school issued her a zero 1098T. My question is, she still had to make out of pocket payments for the spring 2015 semester totaling $7K and $500 for books, would it be safe to enter payments received Box 1 of the 1040 EdExp input sheet? Thanks Quote
Terry D EA Posted February 13, 2016 Report Posted February 13, 2016 I would say yes as long as she has the receipts and they are specific for the educational expenses for the 2015 tax year. 2 Quote
RitaB Posted February 13, 2016 Report Posted February 13, 2016 Yes, deduct the eligible expenses in the year the payments were made (even if by a loan), regardless of any forms and worksheets. Sometimes you gotta wrestle with it. Keep good records; IRS might check up on it. 3 Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.