I Had A Young Girl With $247 On The Lifetime Learning Credit, She Had Her Taxes Done Early And Did't Wait For The 1098-t She Just Looked Back In Her Checkbook And Gave Me The Amount She Paid The College. She Called Me, And When She Got The 1098-t It Was Just For 200.00 They Said The Other 47 Was For Fees Or Something. My Original Response Was To Tell Her Not To Worry About Such A Small Amount Of $--we're Talking 20% Of $47.00. But Should I Ammend To Exactly Match The 1098-t? Any Input?
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The 1098-T is pretty worthless
The 1098-T is worthless. No doubt has led to a lot of wrong credits being issued to people with scholarships and grants.
IRS doesn't look for matching on them, nor should they. Get the actual amount paid by the client even if paid by loans.
If she should have only used $200, she can amend to make it right, but don't worry about IRS on this one.If you loan someone $20 and never see them again, it was probably worth it.
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