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mr.question888 | What are the chances that you will get caught by IRS? |
Don’t worry, I am not trying to actually do this…I am just curios.
I would like to hear from people who actually know the system.
Let’s say you are a par-time student and you have a full time job that pays around $30,000.00 a year. In 2007 for your firs semester of school you paid $5,000.00 for school, but the second semester you took off and didn’t pay anything.
When you are doing your taxes in the beginning of 2008 instead of putting $5,000.00 you put $10,000.00 as the amount you spent on school because you want to cheat IRS and get a bigger tax deduction. Sound very possible that you would spend $10,000.00 on school.
Does IRS check with your school how much money you paid in tuition? What are the chances that you are going to be caught with this scam? Does IRS get any paperwork form your school? |
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There is paperwork associated with tuition payments: Form 1098-T. So the IRS knows what you paid to the school. |
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acermill
 |
The IRS conducts random audits, but more than anything audits those returns which raise a 'red flag'. If your return contains anything 'suspicious', you are a high candidate for an audit, at which time you will be required to provide written substantiation of those items you deducted.
If you falsely claim $10,000 instead of the $5,000 you actually spent, you certainly will pay additional taxes and penalties, and you MAY risk a charge of tax fraud, which is NOT pretty. |
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Gem
 |
The bulk of things that get people caught are random audits.
The IRS audits a certain percentage of all taxpayers every year. You would get a letter in the mail asking for copies of receipts and stuff like that. Then if you could not prove your deductions they would refigure your taxes and present you will a bill that includes the original tax due, plus penalties and interest.
As long as you stuck to, "oh my god, I must of added the numbers twice!" there would be no criminal (jail) charges.
Here is a little know reality: if you file for an extension (but you still have to pay the taxes due by April 15, if owed a refund, no big deal) and hold off on filing your taxes until summer your chance for audit goes down. There are only so many auditors and so many taxpayers that they can audit a year. This is NOT a guarantee of avoiding an audit but used to lesson your chances. Keep in mind that the "rebate" Congress is fighting over couldn't be paid until your tax return is filed.
Do yourself a favor and tell the truth. Even if they don't catch you, it will mentally be hanging over your head for a long, long time. Negativity breeds negativity. |
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Judy1
 |
Your chances of getting caught are close to 100%. The school sends you a form showing what you actually paid - they also send a copy to the IRS, and the IRS eventually matches everything up, and yours wouldn't match.
Glad to hear you are just curious, and wouldn't think of trying to do anything illegal like that. |
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Dont_taze_me_bro
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They are all seeing and all knowing. And they are watching (you) |
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justwondering
|
I would not put that I paid $10,000.00 if I only paid $5,000.00, but you can add in books and other things you paid for that concern school. Your school has already sent their 1099-t information to the government. To be on the safe side, I would make sure you have supporting evidence on the extra amount you add to the amount of tution. |
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Dirty Rat
 |
They do random audits and there are also red flag mechanisms. This would more thank likely trigger a red flag because you spent twice the next year than you did previously. Since you aren't planning on doing this... but if you did and were caught... you would go to jail. |
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rtfm
 |
Your school does report to the IRS. You should have already gotten your copy of the 1098-T form that your school filed with the IRS. That form will tell you exactly how much your school reported that you had paid as tuition. |
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michelle7212001
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YES! The IRS does check on tuition because it is such a high deduction on your taxes. Anyone who does this will more than likely get audited and possibly fined for lying on their taxes. The IRS is doing a lot more auditing starting this year because of a high increase of fradulent tax returns.
SO BEWARE! |
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