Should I amend last year's tax return or not?

[Cheburashka]

After an hour and a half I spoke to someone at the IRS who told me to file an amended return. I will do so.

 

[Cheburashka]

If (s)he in fact qualifies for either of the education credits, it could be as much as $2500 credit. Personally, $2500 would be worth it to me, even if that means paying a professional a couple hundred dollars. Or, let it go and let the IRS keep it.

I will probably get back between $400 and $500. I am single and live on a non-union teacher's salary in an expensive area. To me, that money is definitely worth filing an amended return. I don't think I would benefit by paying anyone else to do it- their fees would eat it up. I've always done my taxes, anyway, and I think I do them very well. I itemize and know where I can get deductions and credits. Never had a problem before this year, and this year's issue is specifically because the university told me the wrong thing when I questioned them, and I made the mistake of trusting them.

 

[Miffy]

I will probably get back between $400 and $500. I am single and live on a non-union teacher's salary in an expensive area. To me, that money is definitely worth filing an amended return. I don't think I would benefit by paying anyone else to do it- their fees would eat it up. I've always done my taxes, anyway, and I think I do them very well. I itemize and know where I can get deductions and credits. Never had a problem before this year, and this year's issue is specifically because the university told me the wrong thing when I questioned them, and I made the mistake of trusting them.

I'm so glad you got someone to talk to at the IRS. I definitely think any amount over maybe $50 is worth filing an amended return for, so I understand why you're doing this. That's a not-insignificant amount of money.

 

[TAX GUY]

I will probably get back between $400 and $500. I am single and live on a non-union teacher's salary in an expensive area. To me, that money is definitely worth filing an amended return. I don't think I would benefit by paying anyone else to do it- their fees would eat it up. I've always done my taxes, anyway, and I think I do them very well. I itemize and know where I can get deductions and credits. Never had a problem before this year, and this year's issue is specifically because the university told me the wrong thing when I questioned them, and I made the mistake of trusting them.

Certainly worth it to me too.

Hopefully you've already (or can now since amending) taken advantage of all possible deductions. Since you said you're a teacher, I'm sure you're aware of the educator deduction? And, since most teachers also provide many of their own supplies, and assuming you're a teacher in a public school, the amounts of your supplies that exceed your $250 educator deduction, could very well be considered a donation to a non-profit organization (the school)? Since the IRS allowed charitable donations in 2020 and 2021 as a separate line item deduction without having to itemize, you were able to maximize that deduction too? Plus, if either the life time learning credit or the tuition & fees deduction, be sure ALL allowable amounts paid are included, and not just the tuition (emphasis on tuition AND FEES).

 

[Cheburashka]

Certainly worth it to me too.

Hopefully you've already (or can now since amending) taken advantage of all possible deductions. Since you said you're a teacher, I'm sure you're aware of the educator deduction? And, since most teachers also provide many of their own supplies, and assuming you're a teacher in a public school, the amounts of your supplies that exceed your $250 educator deduction, could very well be considered a donation to a non-profit organization (the school)? Since the IRS allowed charitable donations in 2020 and 2021 as a separate line item deduction without having to itemize, you were able to maximize that deduction too? Plus, if either the life time learning credit or the tuition & fees deduction, be sure ALL allowable amounts paid are included, and not just the tuition (emphasis on tuition AND FEES).

Yes, I take the $250 educator deduction every year, as well as charitable deductions, thanks. I will be sure to include all allowable tuition and fees, thanks very much for your guidance!

 

[barkley]

thanks. I will be sure to include all allowable tuition and fees, thanks very much for your guidance!

make sure to review the irs publication on this tax credit to review what THEY define as allowable fees-we found that our oldest's university listed some on the 1098T that did not meet the irs criteria but FAILED to list others that did. when i called to inquire about it all i was told was 'well you know there's no legal requirement for us to provide that, it's strictly a courtesy to students so you should be happy to get anything from us'


i remember this every time we get a solicitation for donations from that university, so um nope.

 

[disneychrista]

I still need to amend my state return for 2020. I didn't claim itemized deductions on the state because I didn't qualify for them on Federal. I think I am owed about $200.

 

[longboard55]

My advice is claim exactly what the computer printout says and do not change anything. That is what the IRS computers will look at. Never use logic, just put down exactly what the form says

 

[Cheburashka]

My advice is claim exactly what the computer printout says and do not change anything. That is what the IRS computers will look at. Never use logic, just put down exactly what the form says

Well, the 1098-T that the school sent to the IRS doesn't have on it everything I paid them, and that's the problem. If I stick to that, I will lose hundreds of dollars I am entitled to get from my return.

 

[Miffy]

Well, the 1098-T that the school sent to the IRS doesn't have on it everything I paid them, and that's the problem. If I stick to that, I will lose hundreds of dollars I am entitled to get from my return.

OP, If I read your posts correctly, the problem is only about 2021, which you didn't receive a 1098-T for, but the 2022 1098-T contains everything you paid in 2022. Yes?

If that's correct, then you just have to file the amended return for 2021. That has nothing to do with 2022 and what the tax form you did get for 2022 says.

Unless I missed something, which I may have!

 

[Cheburashka]

OP, If I read your posts correctly, the problem is only about 2021, which you didn't receive a 1098-T for, but the 2022 1098-T contains everything you paid in 2022. Yes?

If that's correct, then you just have to file the amended return for 2021. That has nothing to do with 2022 and what the tax form you did get for 2022 says.

Unless I missed something, which I may have!

Yes, that is correct and that is what I am going to do.

 

[Miffy]

Yes, that is correct and that is what I am going to do.

I think you're fine with this, especially since the IRS person you spoke with gave you the go-ahead.

Good luck and let us know the outcome!