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Case Study 5: Prepaid ExpensesThomas paid $1,500 in December for qualified tuition for the winter semester that begins in January. Thomas can use the $1,500 paid in December to compute his credit for the current tax year. He cannot use it again next tax year. Click here for an explanation. Taxpayers can claim payments that were prepaid for the academic period that begins in the first three months of the next calendar year. Expenses paid for an academic period starting in 2024 or the first 3 months of 2025. 
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Education Credits Workout
Qualifying Expenses
Pub 4012 Education Credits