Random question - taxes

charcoalandblush

I may need to suck it up and pay someone to do my taxes, but I figured I'd ask here and see if anyone had an idea.

I was a full time student for the Spring 2014 semester (graduated in May) but I technically paid the tuition in 2013 (I was billed in December). Do I claim that tuition on my 2014 taxes?

kvruns

not sure if this is what you're talking about but: https://turbotax.intuit.com/tax-tools/tax-tips/College/Deduction-for-Higher-Education/INF12002.html

you also dot necessarily have to hire someone, most of the software programs like HR Block or Turbo Tax should walk you through easily

charcoalandblush

Yay! That article exactly answered my question. Thank you!

mikenberger

Agree with the above poster. My Mom is a CPA and she's pointed me in the direction of Tax Hawk or Tax Slayer. VERY easy to use. They basically walk you through the process and keep your taxes on record for the following year. I highly recommend. You really shouldn't have to pay someone for your taxes unless you have a complicated return such as business ownership etc. I did mine on my own when I had a year that I pulled money out of retirement. It was still really easy.

JennyColada

Well did you claim it on your 2013 taxes?

charcoalandblush

JennyColada said: Well did you claim it on your 2013 taxes?
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Honestly, I have no idea. I claimed a full school years worth of tuition, but I don't know if the 2013 1098-T was for Spring & Fall of 2013 (the semesters I attended in 2013) or Fall 2013 and Spring 2014 (the tuition I was actually billed for in 2013). I don't know if I still have the form, and even if I do, I suspect that it doesn't specify which semesters it corresponds to.

kvruns

my guess is the form you had last year was for 2013 academic periods and you will receive a new copy to cover the 2014 period.  I'm basing this off of the Form 1098-T instructions (for 2015 but you get the gist)

　

Academic period. You must file Form 1098-T for each student who is enrolled in your institution for any academic period (for example, semester, trimester, or quarter) in 2015;

The IRS is stating that the requirement is based on students enrolled in an academic period within the calendar year.  It doesn't say "who paid tuition in the calendar year". Obviously this is just a guess, but if it were me I would be expecting to receive a 2014 1098-T and if I don't receive one then contact the institution and ask.   

charcoalandblush

That makes sense. Thanks @kvruns (and everyone) for your help!

princessleia22

They should send you a 1098 for each year.  But generally, I THINK, it goes off money actually paid in that calendar year.  So if you paid it in 2013, it would be under 2013 taxes.  If you paid it in 2014, it would be under 2014 taxes.

I am self employed, so I have to do business taxes and personal taxes.  My husband also works full time as a direct employee, a second part-time job on contract/self employed basis, and is also a student.  So, our taxes get pretty complex.  But, I've used TurboTax for several years and it makes it so easy.  It walks you through the steps and you just have to answer simple questions.  I had looked into hiring a tax accountant one year, but wasn't willing to spend that much money (it was going to be several hundred dollars) and decided I could figure it out myself.

JennyColada

I paid 70% of my tuition one year (I think 2011) and the rest in 2012. I got my 1098 for 2011 (which was the amount I paid, not the percentage of schooling I did).

You need a 1098 to claim it on your taxes. No 1098=no deduction.