Does an incorrect Form 1098T matter?

annoyingdad
Mon, 27 Jan 2014 01:27:57 +0000

Schools can’t choose to report by academic year. What they can do is bill in December and then include those amounts on the 1098T with the box checked that says part of the amount is for an academic period starting in the 1st 3 months of the next year. A school can’t bill in January and then include those amounts on the previous year’s 1098T.

What is important for the credits/deductions though, is when you actually paid the expenses. Even if the school bills in December, if you pay in January the expenses must be used for a credit/deduction the following year. That’s why a 1098T may not match your records and why the recommendation is to use your own copies of bills/online account printouts, cancelled checks or other record of payment, and receipts to figure what expenses can be used for what tax year.