Quote:
Originally Posted by johnnyloadproductions
A lot of your guys seem good about dodging bullets in here, I want to learn just a little more to make a calculated risk.
My risk of an audit is low (according to turbo tax) and I called my school and they said I can claim 1,804 for my tuition, which makes since. But I recently got this 1098-T form back and it says I was only billed for $164.
If I claim the 1,804, will the IRS specifically check this against any record they have of me? It says the 1098-T copy is made available information to the IRS.
Tell me the scenario if I'm to claim the 1,804. I didn't file last year because I didn't work and was in school. This year I also bought a new house and will be getting the $8000 credit back.
Will this throw up flags.
Hopefully some of you have some insightful answers.
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hmmm bad filing history + self employment income + new house just in time for credit = red flags the education credit would just be icing on the cake. Im assuming you got grants to cover most of what owed the school, but with the new american opportunity credit you can claim almost all of your expenses including paper etc so just play it straight