Education expense credit

Forum|Forum|2 years ago
April 18, 2023
1 reply
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My daughter started college 8/2018. We have been getting a 1098-T every year except for 2022 year. She graduated 6/2022. I was told that the reason why was they include the charges on 2021 1098-T. However, the payments were made in 2022. Can I apply for the credit for 2022 based on the qualified tuition credits I paid in 2022 which are above the max. of $4000 which can be recorded. Of course, if you removed the 2022 payments from 2021 1098-T there was still way more than enough qualified tuition expenses to use for the 2021 credit. Thank you

AmyC

Employee

Yes, payment in 2022 counts. The AOTC is only good for 4 years, you may no longer qualify for AOTC. You may qualify for Lifetime Learning Credit which is limited to tuition only and 20% of the expenditure to $10,000.

For full details, see Education Credits: Questions and Answers. This includes Q19 and education credit allowed without the 1098-T.

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mikeeoneAuthor

Thanks! that was very helpful. While I was doing the calculations on Turbo tax I believe it said I received the credit only 3 times previously but I will go back and confirm it. Otherwise I will use the LLC