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June 1, 2019
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1098t in 2016 but I paid in 2017

  • June 1, 2019
  • 1 reply
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My son started a new college this Spring of 2017. I paid for his tuition in 2017, however the university wants to send me a 1098t for 2016 for his Spring tuition because he registered in 2016. My question is my 529 withdrawal to pay for this is in 2017 so how I can I manage this in 2016? I really didn't want to do any of this until 2017 since I paid and he started in 2017. How should I handle this?

Best answer by Hal_Al

Don't worry about the 1098-T. It does not lock you in. Don't even enter the 1098-T on your 2016 return*. You may report your education expenses, next year, based on your own records.

That said, notice that box 7 on the 1098-T is checked. TurboTax (TT) will be ask about that next year when you do your 2017 return.

*Actually the school does you a favor by billing in 2016. Had you made a payment, in 2016, you may have been able to claim a 2016 tuition credit, even though school didn't start until 2017..

To get ready for 2017 and a 529 plan distribution, see https://ttlc.intuit.com/questions/2662573-where-do-i-enter-1099-q?jump_to=answer_4402991

1 reply

Hal_Al
Hal_AlAnswer
Employee
June 1, 2019

Don't worry about the 1098-T. It does not lock you in. Don't even enter the 1098-T on your 2016 return*. You may report your education expenses, next year, based on your own records.

That said, notice that box 7 on the 1098-T is checked. TurboTax (TT) will be ask about that next year when you do your 2017 return.

*Actually the school does you a favor by billing in 2016. Had you made a payment, in 2016, you may have been able to claim a 2016 tuition credit, even though school didn't start until 2017..

To get ready for 2017 and a 529 plan distribution, see https://ttlc.intuit.com/questions/2662573-where-do-i-enter-1099-q?jump_to=answer_4402991

cougarredAuthor
June 1, 2019
Thanks for the info. I just wasn't sure about how to handle the 1098t since I paid in 2017.