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Old 03-18-2012, 04:45 PM
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Education deduction help

After extensively going over my taxes this year I found a couple mistakes on the previous years taxes. For one, I added the Spring 2011 semester as paid in 2010 when, after asking for a detailed receipt this month for that semester, I realize it was not paid until 2011. Obviously, this was a mistake. However, I also added the 800 pell grant (for that spring 2011 semester) that was not on my 1098t form for 2010, but did show up on my 1098t for 2011.

Obviously, I am a bit confused now.

This leads me to a couple of questions:

1. Should I amend the previous years taxes or just correct the mistake with this tax return. ie: do not add last springs 2011 billing as it was already covered with the 2010 tax return and don't make the same mistake again and hope it self corrects. This would also mean I would deduct the 800 i added to the 2010 tax return from the 1750 in box 5 (current years pell grant award was 950 a semester) from this years 1098t form. If I was to amend last year's officially, could I finish this year's tax return as it SHOULD have been, had I not made the mistake last year, before sending in the amended 2010 tax return?

2. Since I didn't officially pay Spring 2012 semester until 2012 for this tax return (even though I was billed for it in box 2 of the 1098t form), I would NOT add in that semester's pell grant, is that correct? I shouldn't have to add any pell grant amounts to box 5, right?

Hopefully, this is understandable. I have no problem fixing my errors, but if I could just work it out with this years taxes instead of going back and amending it, that would be ideal.

Thanks.



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