Education Credits

[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?

[Black Bart]

No, but

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

[Uncle Sam]

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.

[veritas]

Plus

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.

[Uncle Sam]

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.

[Black Bart]

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.

[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.....

[veritas]

My Thinking is

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

probably another fail

[KBTS]

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:

http://forum.thetaxbook.com/showthread.php?20306-AOC-Refundable-Amt&highlight=refundable

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

[veritas]

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.

[Lion]

Can file ed credits 14 February.