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February 25, 2020
Question

If I attended a school in a prior year but paid the tuition this year would it qualify as a tax break?

  • February 25, 2020
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February 25, 2020

Yes.  If you received a Form 1098-T or have expenses you can substantiate and show were attributable to amounts you paid in 2019 for education, you can enter those costs and based upon your tax return, you may be entitled to either an education credit or deduction.

 

To enter your 1098-T information:

  1.  Go to the Federal section of the program
  2.  Select "Deductions & Credits"
  3.  Select "Expenses and Scholarships (Form 1098-T)" and click start

Continue through the screens and answer the questions as applicable. TurboTax will determine which credit you qualify for based upon your answers. 

 

Here is a breakdown of the available tax breaks. 

 

Chart comparing credits

 

Tuition & fees deduction

 

Be aware the American Opportunity Credit can only be claimed for 4 years in total per eligible student.  Once you have claimed that for 4 years, you still have the Lifetime Learning Credit or Tuition & Fees Deduction available to you.

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