Student issued 1098-T for 2015 with tuition billed in box 2, boxes 7 and 8 checked, but did not start school until January 2016. Is the parent able to claim education credits (provided they actually paid in 2015)?
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If they were paid in 2015 for tuition & fees in the first 3 months of the following year, yes. However, if you are using the AOC you may be wasting part of it if there were no tuition & expenses in 2015. It is only available for 4 years. May wish to use one of the other credits. -
Simple Solution
There is such a simple solution to this mystique of the 1098-T. Simply allow a calendar year deduction/credit just like everything else on the tax return. Then change the 1098-T to reflect payments received, not just billed.
Nothing else prevails against the calendar year mentality of the 1040, why should a college "year" (which, by the way, has rapidly become amorphous)?Comment
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