Turns out, the 1098T reports payments made in that year, not for the service dates. Which means my Spring2013 tuition should have been on my 2012 1098T.
Except it wasn't.
If I can convince the university to fix my 2012 1098T and send me a new copy, can I still go back and amend my 2012 taxes that I filed a year ago? Or am I just SOL for not realizing it was supposed to be reflected there last year?
If you qualify for the Education credits (American Opportunity and/or Lifetime Learning), I would go back and amend your taxes for that year. That is cash back to you.
Even if they don't correct it, you should be able to amend it based off your own information. Make sure you had enough credits that year (half time)and make sure whatever you use as proof is solid. I don't know what exactly saved me, the payment receipts via email from the institution (it was a receipt, but also stated it wasn't "confirmed until my credit card was charged") or the credit card statements or both.
I make it a habit to verify my tax statements against my own records/receipts. I also attach all books/supplies purchased for the term to the tuition receipt for each term and this is what saved me (They wanted $2,200 back) .
[This message edited by LisaP at 11:19 AM, February 4th (Tuesday)]
~Feel your emotions, but control your behavior~ Unknown
They are reissuing the 1098t from 2012 (well, I assume. I'd really love for them to put the credit on my 2013 1098t since it was for the spring 2013 semester, but I paid it in Dec 2012 so I am guessing it goes on 2012, which I didn't realize which is why I didn't catch this a year ago). So I will need to go back and amend, because I do qualify for the lifelong learning credit, and it's a significant amount.
How hard is it to amend prior taxes? I have always done my taxes using H&R Block's free online software. I am also currently living overseas, so don't have the option of physically meeting with a tax professional - but could do by email.
I've done it twice with Turbo Tax in the past.
I didn't have to amend, I had to prove what I filed, even with a 1098t. Amending taxes is pretty simple, assuming you don't have a complicated return to begin with.
Can you clarify your terms? My institution has spring term March thru June. Winter begins in Jan. and goes thru March. Spring term 2013 should be on 2013 1098T. Winter should be on 2012 1098t.
Spring/summer/fall/winter is academic year for tax purposes, even though winter falls in the following year.
I believe you have up to three years to amend.
[This message edited by LisaP at 11:37 AM, February 6th (Thursday)]