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FOCUSGuy
FOCUSGuy
February 28, 2021
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Form 1098-T Box 1 Amount - Do I Claim th Box 1 Amount, or What I Paid for Tuition in the Calendar Year 2020.

  • February 28, 2021
  • 1 reply
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Box 1 of 2020 Form 1098-T (Payments received for qualified tuition) shows $300. 

 

I paid $200 for academic periods in 2020 and $100 for academic periods in 2021.  (Given that Box 7 is checked, I guess that is highlighting that the school entered $300 rather than $200.)    

 

What amount do I claim on my 2020 1040? 

 

The $300 in Box 1 or the $200 I paid for academic periods in 2020? 

 

(In the later case I guess I would make a note to to claim the $100 for the academic period in 2021, when I file my 2021 1040.)

    Best answer by Hal_Al

    Claim what you actually paid in 2020, even if it was for the first term of 2021. 

     

    The most generous credit, The American Opportunity Credit, can only be claimed 4 times in your life time.  It is worth up $2500. each year.  You may not want to use up one of your 4 times on on a mere $300.

     

    But, the AOC can only be used on undergrad and vocational schools.  Grad school is not eligible. 

    1 reply

    Hal_Al
    Hal_AlAnswer
    Employee
    February 28, 2021

    Claim what you actually paid in 2020, even if it was for the first term of 2021. 

     

    The most generous credit, The American Opportunity Credit, can only be claimed 4 times in your life time.  It is worth up $2500. each year.  You may not want to use up one of your 4 times on on a mere $300.

     

    But, the AOC can only be used on undergrad and vocational schools.  Grad school is not eligible. 

      FOCUSGuy
      FOCUSGuyAuthor
      February 28, 2021

      Thank you Hal_Al. 

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