Education Credits

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  • Uncle Sam
    Senior Member
    • Jul 2006
    • 1461

    #1

    Education Credits

    Has anyone data entered Education Credit information yet?

    If you haven't - you're in for a small surprise.

    There are 2 questions that need to be answered.
    1) Did you receive a 1098-T for the current year?
    2) If you received a 1098-T for 2011 - did it have an amount shown in Box 2 (Tuition Billed)
    and was Box 7 (box 2 billings for future semester) checked?
    Uncle Sam, CPA, EA. ARA, NTPI Fellow
  • Black Bart
    Senior Member
    • Jun 2005
    • 3357

    #2
    No, but

    I didn't think IRS was taking the education credits yet -- or so ATX informs me. Have you sent any in?

    Comment

    • Uncle Sam
      Senior Member
      • Jul 2006
      • 1461

      #3
      Education Credits

      You're right - IRS isn't taking it yet.
      But that doesn't mean I can't input the data - and then print the
      returns out when they ARE accepted.
      Uncle Sam, CPA, EA. ARA, NTPI Fellow

      Comment

      • veritas
        Senior Member
        • Dec 2005
        • 3290

        #4
        Plus

        Originally posted by Uncle Sam
        Has anyone data entered Education Credit information yet?

        If you haven't - you're in for a small surprise.

        There are 2 questions that need to be answered.
        1) Did you receive a 1098-T for the current year?
        2) If you received a 1098-T for 2011 - did it have an amount shown in Box 2 (Tuition Billed)
        and was Box 7 (box 2 billings for future semester) checked?
        The name of the School, address and TIN.

        Comment

        • Uncle Sam
          Senior Member
          • Jul 2006
          • 1461

          #5
          College ID/Contact Info

          Yes Veritas - it asks for that now.
          Certain states like New York, have specifically requested that on prior returns-
          so that data is already in our system.
          Uncle Sam, CPA, EA. ARA, NTPI Fellow

          Comment

          • Black Bart
            Senior Member
            • Jun 2005
            • 3357

            #6
            Thanks Sam.

            No, I haven't seen those questions yet, but will be looking at one this weekend. What do you think they're getting at by asking if there's anything in box two for tuition billed? I don't see the point of the question. While I've used that figure sometimes in the absence of anything else, it really doesn't prove anything about what was actually paid and IRS doesn't have anything to match against it.

            Comment

            • Burke
              Senior Member
              • Jan 2008
              • 7068

              #7
              AOC Credit: Can a student claim himself and get the refundable credit? Credit exceeds his tax liability. Inst for 8863 are confusing, stating cannot take if he or anyone else has taken it for him (AOC, refundable or not) in the last 4 years? I know you can't take it for MORE than 4 college years.....

              Comment

              • veritas
                Senior Member
                • Dec 2005
                • 3290

                #8
                My Thinking is

                these new requirements are to help stop the fraud that had been going on.

                probably another fail

                Comment

                • KBTS
                  Senior Member
                  • Nov 2005
                  • 564

                  #9
                  Originally posted by Burke
                  AOC Credit: Can a student claim himself and get the refundable credit? Credit exceeds his tax liability. Inst for 8863 are confusing, stating cannot take if he or anyone else has taken it for him (AOC, refundable or not) in the last 4 years? I know you can't take it for MORE than 4 college years.....
                  Found this link by searching forum - there are 2 separate responses which spell out the confusing rules 2 different ways:

                  Primary Forum for posting questions regarding tax issues. Message Board participants can then respond to your questions. You can also respond to questions posted by others. Please use the Contact Us link above for customer support questions.


                  If you search AOC Refundable, you will get a number of hits.

                  Comment

                  • veritas
                    Senior Member
                    • Dec 2005
                    • 3290

                    #10
                    Speaking of fraud

                    I was reading an article this morning about the rampant tax fraud and id theft in Florida. Apparently it's so lucrative even the drug dealers are going white collar.
                    Last edited by veritas; 02-09-2013, 09:19 PM.

                    Comment

                    • Lion
                      Senior Member
                      • Jun 2005
                      • 4698

                      #11
                      Can file ed credits 14 February.

                      Comment

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