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re: Need IRS advice

Posted on 12/9/16 at 10:31 pm to
Posted by StTiger
Baton Rouge
Member since Nov 2008
2934 posts
Posted on 12/9/16 at 10:31 pm to
quote:

So just got off the phone with a guy in fees. He's telling me that because the cost were incurred in 2014. Like I scheduled my classes. That that's why it's on my 2014 1098. This seems fricky.


Call him back and tell him he's wrong. In fact, they would not be incurred unless you took the classes and then got the bill. I.e., billed for fall 2014 in 2015. 1098T should contain tuition paid and when it is paid. LSU is due during the prior semester. If you paid in 2015, deduct in 2015.
Posted by StTiger
Baton Rouge
Member since Nov 2008
2934 posts
Posted on 12/9/16 at 10:38 pm to
Also...

quote:

What Expenses Qualify?
The tuition and fees deduction is based on qualified education expenses you pay for yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. Generally, the deduction is allowed for qualified education expenses paid in 2015 in connection with enrollment at an institution of higher education during 2015 or for an academic period beginning in 2015 or in the first 3 months of 2016.
For example, if you paid $1,500 in December 2015 for qualified tuition for the spring 2016 semester beginning in January 2016, you may be able to use that $1,500 in figuring your 2015 deduction.


From... The source

ETA: Meaning it is eligible when paid
This post was edited on 12/9/16 at 10:40 pm
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