For my Spring 2006 bill, I paied on 25th December 2005, University report me on 2005 as 1098-T but
I meant to study on Spring 2006 and I did not get any credit or refund for those money in in 2005 tax return. Mater of fact I did not get any education tax refund for 2005. Can I claim that bill in 2006 even though in 2006 1098-T is not showing those part of the bill? its only showing summer 2006 part of the education bill?? Please help me!
2007-03-12 03:35:36 · 2 answers · asked by prodyutghosh 2 in Business & Finance ➔ Taxes ➔ United States
You have to claim the credit for the year when you paid the money. You can amend your 2005 return and still get your refund.
2007-03-12 04:27:07 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
You will need to amend your 2005 tax return to claim the tuition and fees deduction, Hope Learning Credit. or Lifetime Learning credit.
The one you will take depends on which you qualify for and which will give you the best tax benefit.
You will not be able to claim a credit or deduction if you are a dependent on anyone's (except your own) tax return. Who ever claimed you for that year gets the credit instead.
2007-03-12 11:07:56 · answer #2 · answered by jks_mi 3 · 0⤊ 2⤋