Education credits due diligence

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  • unzuetay
    Member
    • Jan 2015
    • 45
    #16
    Originally posted by RightOn
    A question on Form 8867 about American Opportunity Tax Credit:

    Question 11:

    "It just seems redundant"

    What does everyone else think?
    This made me smile. Irs is redundant.

      Comment

      • Lion
        Senior Member
        • Jun 2005
        • 4698
        #17
        I have a couple of colleges that print the statement on the back of 1098-T and a few parents who know to have the statement with their tax documents. If you do NOT have detail with dates, then ask your client to get a statement from the college.

          Comment

          • RightOn
            Senior Member
            • Nov 2007
            • 141
            #18
            Originally posted by Lion
            I have a couple of colleges that print the statement on the back of 1098-T and a few parents who know to have the statement with their tax documents. If you do NOT have detail with dates, then ask your client to get a statement from the college.
            Is the statement called 'payments transcript'?

            I have always asked students to go download a transactions record from their student account at school. Are they all just the same document that we have been talking about?

              Comment

              • mastertaxguy
                Senior Member
                • Mar 2013
                • 408
                #19
                What else might be on student account transcript....

                Originally posted by righton
                not that i disagree with you, but i just still do not understand. If the school has the total payments made reported in box 1 already, what purpose would it serve to get the payments transcript from the school?

                I am thinking that if the school's accounting system is so messed up that they could have added up the payments made during the year incorrectly and so reported a wrong amount in box 1, why would we think that the information on the school payments transcript must be correct?
                1. Books.
                2. Required fees.
                3. Grants
                4. Scholarships
                5. Loans
                6. Refunds of amounts shown on 1098-t as received for tuition (maybe from excess scholarships, grants, loans, etc)
                7. Generally educational expenses which may qualify for education credits besides tuition
                8. Status of student (full/part time, etc).
                Friends double; family triple. Don't buy an audit for yourself. If someone has to go to jail make sure it is the client. Remember it is only taxes, nothing important.

                  Comment

                  • Burke
                    Senior Member
                    • Jan 2008
                    • 7068
                    #20
                    Originally posted by RightOn
                    Is the statement called 'payments transcript'?

                    I have always asked students to go download a transactions record from their student account at school. Are they all just the same document that we have been talking about?
                    Yes, it is.

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