What happens if I forget to claim unemployment and 1098-T? would I be able to claim next tax term?

Forum|Forum|5 years ago
January 28, 2021
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katielewis657

No, you cannot claim them next year. If you have already filed, and your return ends up being accepted by the IRS when they begin processing in a few weeks you will need to amend your tax return after you receive your refund to include these items. Your amended return will adjust for those items and you'll get an additional refund if indicated - or you may have to send some of your initial refund back.

It is never a good idea to file a tax return before all tax forms are even required to have been mailed to taxpayers (which varies based on your situation, but the very earliest date is January 31.)

j-d-allen93Author

Ok thank you. I have not received my 1098-T yet and I did claim my unemployment. Do you know how much you can get back from a 1098-T as a graduate student?

AlanT222

Education tax credits can help you with higher education costs by reducing the amount of tax you owe. There are two credits available, the American Opportunity Tax Credit and the Lifetime Learning Credit. However, as a graduate student, you would only be eligible for the lifetime learning credit.

American Opportunity Tax Credit (AOTC)

You can use this credit for the first four years of college when working towards a degree.

The maximum credit is $2,500 per eligible student.
Must be enrolled at least half time for at least one semester during the tax year.
Up to $1,000 can be refunded to you.

Lifetime Learning Credit

There is no limit on the number of years you can use this credit for undergraduate, graduate and professional degree courses, including ones to improve job skills.