Tax question about tuition form 1098-T

[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.

[camgirlshide]

why don't you call them back and tell them to send you a corrected form?

[epitome]

Some of the questions people ask on a PUBLIC message board never cease to amaze me. Then, to top it off, it's on the biggest message board of an industry that is constantly under scrutiny.

On this board, you'll get 10 different answers to the same question. Half the time none of them are right.

The only answer is consult a tax professional.

[epitome]

Better yet, if you're willing to risk a fraudulent filing (since this thread is proof that you knew what you were doing) over a $1,804 tax deduction and obviously don't have the money to hire a tax professional, why the hell did you buy a house? Sounds like you need to go back to school.

I'd love to see that mortgage app you filled out. I wonder how many half-truths are on that thing.

[johnnyloadproductions]

Originally Posted by epitome

Better yet, if you're willing to risk a fraudulent filing (since this thread is proof that you knew what you were doing) over a $1,804 tax deduction and obviously don't have the money to hire a tax professional, why the hell did you buy a house? Sounds like you need to go back to school.

I'd love to see that mortgage app you filled out. I wonder how many half-truths are on that thing.

You are a Troll

[HandballJim]

If your doing just the standard deduction, and not itemizing a ton of bogus deductions...and your not making a million dollars a year I would not worry about it. The feds like to audit people who are making a lot of money...not the average joe making 50k.

That tuition credit will not change your return much...

[tonyparra]

Originally Posted by HandballJim

If your doing just the standard deduction, and not itemizing a ton of bogus deductions...and your not making a million dollars a year I would not worry about it. The feds like to audit people who are making a lot of money...not the average joe making 50k.

That tuition credit will not change your return much...

I have to disagree Jim. I have done a few hundred returns personally over the last 2 years and have seen an increase in audits across the board (i own a tax business, well used to anyways).

Im not gonna tell you what to do man you got the mouse in your hand not me, you can fire off your return with turbotax and not think twice about it, but heres a little tip for you: You are claiming the most expensive credit the government has ever allowed on a wide scale(first-time homebuyers) your return WILL be reviewed by human eyes and if the tax theory doesnt make sense to them, well you know what comes next. And just because you dont recieve a letter this summer doesnt mean you not being audited. Then again you could slip through and go undetected. Good luck.

[tonyparra]

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.

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

[HandballJim]

Originally Posted by tonyparra

I have to disagree Jim. I have done a few hundred returns personally over the last 2 years and have seen an increase in audits across the board (i own a tax business, well used to anyways).

Im not gonna tell you what to do man you got the mouse in your hand not me, you can fire off your return with turbotax and not think twice about it, but heres a little tip for you: You are claiming the most expensive credit the government has ever allowed on a wide scale(first-time homebuyers) your return WILL be reviewed by human eyes and if the tax theory doesnt make sense to them, well you know what comes next. And just because you dont recieve a letter this summer doesnt mean you not being audited. Then again you could slip through and go undetected. Good luck.

Tony your a smart man, you are right regarding the 1st-time home buyers credit...yes there is no way they will not check to see if it is legit...cause they don't have money to waste. So you might not want to put any red flags on there. Also if they do audit you they will look at your previous returns.