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Lifelong Learning Credit for interns

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  • Lifelong Learning Credit for interns

    Considering tuition and fees were paid to the university in installments, one of which being in 2016, what paperwork would be necessary to claim the Lifelong Learning Credit as a graduating MS4/rising intern?  Our school's 1098T shows billed amounts that puts the entire tuition in 2015, but if I paid the second installment in 2016, I should be good for the LLC right?  In this case, should I ask for proof of payments from the registrar or would credit card statements suffice?

    Thanks!

  • #2
    Your 1098T for 2016 should show the payment you made in 2016. You could go ahead and check with your registrar's office to confirm. You could also attach a statement of explanation to your 1040 next year but, hopefully, the IRS will have the correct information by then.

    EDITED to add information just learned: IRS has just lost a case where taxpayer claimed the amount paid through student loans which differed from the lower amount shown on 1098-T as billed (Terrell, TC Memo, 2016-85). Legislation enacted last December requires schools to report payments received but they have been given extra time to update their software. You should be fine.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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