<p>OK, so I have been reading up on all the threads to do my taxes. I just realized that my 1098-T only has amounts reflecting the Fall semester and includes nothing from Spring. Spring was paid for in December 2009. So what to do? Just add the Spring numbers in, or get new form from University (which could take forever!)?</p>
<p>The college will have its own reporting method. In your case it reports by calendar year, so did not include anything that applies to 2010. You wouldn’t be able to call them and get another 1098 reported in a different method. They do it the way they do it.</p>
<p>You could do your own calculations and use the amount actually paid in 2009 (even if it’s for the purposes of winter or spring term 2010.) You just need to keep your own records to support that in case of an audit.</p>
<p>Or at least that’s how I understand it.</p>
<p>They won’t give you a new one. You just need to keep track yourself and keep good records for if you are ever asked. Money paid in 2009 for education expenses in the 1st 3 months of 2010 can be used in calculating tax credits etc. For instance for the AO credit IRS 970 says:</p>
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<p>The 1098 is really a pretty useless document. Every school seems to do it differently and it does not even include certain expenses (such as books) that can be used for certain tax benefits. You need to use your own records to make sure you maximize your tax benefits.</p>
<p>Another thought…if the spring monies were NOT on this year’s 1098T, they WILL be on next year’s. Maybe you should just let it go for this year and know that next year, you WILL have that amount on the 1098T.</p>
<p>That’s a good point. Your college uses a calendar-year reporting system, so if you use an academic-year calculation for yourself this year instead, you’ll have to adjust that every year from here on out.</p>
<p>For some people (like me) it’s easier to just conform to the school’s 1098 and do it their way.</p>
<p>But if you can use and maximize benefits this year by claiming the Spring costs now then I would do that. Who knows what the benefits may be in 3-4 years. They may be better, or they may be worse.</p>
<p>You only can claim a maximum of $4000 to get the maximum $2500 credit anyway so it’s probably a moot point if you paid more than $4000 (including any loans).
1098-T’s are not always correct.</p>
<p>Thanks for all your replies! I always know that CC posters will have the answer.</p>
<p>As far as just using their numbers goes, wouldn’t that leave me with five years worth of 1098-Ts and you can only do the AO for four years?</p>
<p>Yes. I would maximize your tax benefits now as who knows how they will change in the future. </p>
<p>The AO is currently available for only the first 4 years of college but it is only currently approved for the 2009 and 2010 tax years. Hopefully they will extend it beyond that.</p>