Did you take your Education Credit on your Taxes this Year?

So, I have been getting a flurry of calls wanting to know whether its worth filing an amendment to take advantage of the various education credits that many people seem to have missed out on this year. Why?

Well, you generally get a 1098-T tax reporting form, from your school which states the amount of eligible tuition and fees received and also a counter balance accounting of the scholarships and grants you received.   Some schools have adopted the policy that they will not generate a 1098-T for the student if their records show that the amount of grants and scholarships that a student receives is greater than the eligible amount of tuition and fees.   That is fair if their numbers are correct, but without some listing of their numbers, there is no way you can validate that what they think you have paid is what you actually paid.   In addition there are cases where a student may have incurred tuition and fees in another institution, e.g. enrolling in summer school back in your home town, which could  allow you to qualify.   You may also have incurred expenses for equipment and books that may qualify as part of the eligible costs for some of the credits.

In most cases if you didn't proffer a 1098-T to your tax professional, the assumption may have been made that you didn't qualify for the credit.    Keep track of all the checks you have written for tuition, fees, equipment and in some cases, books.   If you did get a 1098-T, validate the numbers.  Colleges dont always get it right.   If you didn't get a 1098-T,  and your figures show that your grants and scholarships were less than your payments for tuition and fees, contact the school and request one.    Even if the school refuses to give you one, if you have proof that the payments were made, talk to your tax professional and get those dollars you left on the table.   The credits are significant and in some cases could be as much as $2,500.