Am Op Education Credit

[JAinNC]

Tuition paid in Aug 2010 for fall -OK
Tuition paid 12-20-2010 for Spring 2011. Semester began on Jan 3, 2011. Does the old law that applied to this being deductible if semester starts within 30 ??? days apply here?
Or does it have to be held until 2011?


Thanks,
JAinNC
Jeannie EA

[JAinNC]

I just found it--- Available for Credit: payments made in 2010 for acad. periods beginning in 2010 and beginning in the 1st 3 months of 2011.

[FEDUKE404]

A broken calendar?

Tuition paid in Aug 2010 for fall -OK
Tuition paid 12-20-2010 for Spring 2011. Semester began on Jan 3, 2011. Does the old law that applied to this being deductible if semester starts within 30 ??? days apply here?
Or does it have to be held until 2011?


Thanks,
JAinNC
Jeannie EA

Did I miss something? So far as I can tell, January 3rd is well within any 30-day window of December 20th.

Parents frequently pay the "spring" bill at the end of December of the prior year. In fact, I think many colleges may actually require such a timely payment.

This just adds further fuel to the fire about the Form 1098-T issue where everyone reports "billed" amounts and not "paid" amounts. Use the amounts paid during the calendar year for the tax credits et al (I would generally avoid the use of "deduction" for such), with the understanding that to simplify things you might wish to reduce that amount by a scholarship/grant that was received the 2nd week in January and will not show up on any Form 1098-T until the next year.

FE