Tuition unclaimed on 2004 and 2005 income tax-how do i do it?

Question

I did not claim the undergraduate tuition that I paid for for 2004 and 2005. Is it possible to amend those tax papers? Can someone please guide me in the right direction either by providing URL or letting me know what I should research. Thank you!

I claimed my tuition on my 2006 return under the Hope Act. Can I do the same for my 2004 and 2005 tax returns. I found the 1040X form, but I don't know where I would enter the information.

Answer 1

It is possible to amend those returns, adding Form 8863 to those returns.

Since you used the Hope Credit in 2006, you are limited to using the Hope Credit only one more time, either 2004 or 2005. The year you do not take the Hope Credit, you can take the Tuition and Fees deduction or the Lifetime Learning Credit.

Amending 2006 is a possibility if you find that the Hope Credit is better for you in both years 2004 and 2005. But it is not likely, if 2004 was the first year in college, you probably will take the LLC or T/F deduction for that year.

Answer 2

You may need to file three amended returns.
You would need to fill out a 2004 return with the Hope credit added to see what the change in refund or tax owed would be. Then fill out a 1040X for that tax year using information from the original return and the corrected return.

Also, you can only use the Hope credit for two years, the first two years of college. After the first two years of college you use the lifetime learning credit. so by using the Hope credit on the third year, you may have to file a 1040X to correct that also.

Answer 3

do an amend return 1040x put in the original then but in the 8863 life time or hope credit whatever year your kid is in and return the check from 2004 & 2005 and you refund can be a upgrade