CP2000- how to verify claimed education credits - for year 2015 tax return Recently I got a letter from IRS stating that we owe $1850+interest back to
IRS which we got as education credit. The letter also states that"we need to verify the education credits you claimed on form1040A lines 33or44. Higher education institutions can report either amounts you paid for qualified expenses box(1)or they billed (box2) on forms 1098-T. We don't consider amounts they billed you in box2 as a proof of actual expenses you paid. Provide a signed detailed explanation of the amounts you claimed."
I am a graduate student started school on fall2015 . On my 1098T box 1 is empty and box 2 has $13000.so in our tax return we showed $9000 ,because tax preparer said the limit is $10000 . But in 2015 I paid only $5300 , 1098T included the fee for 2016 Jan- April semester. I wasn't aware of these situations, it was the first time we filed education credits . Now what should we do.? It will be greatly appreciated if anyone can suggest anything in this matter... and how much time it will take to get a response from IRS if submitted all documents? Usually will they accept our documents or reject on these types of issues?
Any response is appreciated |