Question

I filed my taxes and the return was accepted. Then, a 1098-T came in the mail. What do I do now?

Forum|Forum|7 years ago
June 5, 2019
3 replies
0 views

I've never filed my own taxes before so I figured something like this would happen. I answered questions about my University, but I only took out loans and paid nothing out of pocket so I didn't think I was waiting on any forms. Should I go in and change my info, or do I need to wait to get my refund and send something else in?

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T

Texas Roger

Employee

You may need to amend your tax return to enter the 1098-T. How old were you? Are you claimed as a dependent by someone else? Did you have any scholarships or grants that paid for non qualified expenses such as room and board? If you will answer these questions, we can guide you as to whether you need to enter it or not.

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darbyloswaldAuthor

Thanks for your quick reply. 24 years old, this is the first year I am claiming myself; so no - not being claimed as a dependent to anyone else. No scholarships or grants; this was for graduate school and it was all loans. No room and board, just tuition.

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Texas Roger

Employee

If your income was high enough to have a tax liability from taxable income after subtracting your standard or itemized deductions from your AGI, you may qualify for up to $2000 of non refundable Lifetime Learning Credit. Look at your tax return form 1040 and see if you had tax on line 11. If you did, the Lifetime Learning Credit could offset that tax and increase your refund or reduce your taxes owed. If you did not have tax on line 11, there is no need to amend your tax return because you would not get any credit.

If you want to amend your return, the amended return form 1040X is not estimated to be available until 2/14/19. If you are getting a refund from your original return, wait until you get it before starting the amended return. Do not change anything on your tax return until you start the amended return. An amended return must be printed, signed and mailed to the IRS. It can't be efiled.