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cd2020
March 30, 2020
Question

Adjusting 1098-T for Lifetime Learning Credit

  • March 30, 2020
  • 1 reply
  • 0 views

My tuition for 2019 was paid via a loan disbursement that was made 12/31/18 and thus was on my 2018 1098-T along with tuition for 2018. I qualified for the Lifetime Learning for 2018 and would qualify again if that tuition was counted in 2019 instead of 2018. Is it possible to amend the 1098-T so that I can count the tuition that was for 2019 in 2019? 

    1 reply

    D
    DianeC958
    March 30, 2020

    No, you cannot count the payment for 2019 since the tuition was paid in 2018.

     

    You are a cash basis tax payer and income and expenses are counted on your return in the year they are paid.

     

    Since the payment was reported on your 2018, 1098-T form it is correct to report the information on your 2018 tax return.

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