Does an incorrect Form 1098T matter?

happymomof1
Sun, 26 Jan 2014 16:38:34 +0000

The 1098-t forms rarely reflect the same figures as the family’s. Use your own records, and just stick that 1098-t in your file for later.

So that you have a better notion of what are qualifying expenses for taxes, see Publication 970:
http://www.irs.gov/uac/Publication-970,-Tax-Benefits-for-Education-1

The American Opportunity Credit can only be claimed in four tax years and only for expenses for an undergraduate degree, but most students will be undergraduates during parts of at least five tax years. If first semester of freshman year was inexpensive, and second semester of senior year is likely to be much more costly, you can wait to use the credit for that last semester.