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conrad-77-99
January 30, 2021
Question

Am I obligated to put my 1098 info ? I only made one payment last year

  • January 30, 2021
  • 1 reply
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1 reply

KrisD15
KrisD15
January 31, 2021

It depends. 

You are not obligated to report a 1098-T on a tax return, but you are obligated to claim any income that the 1098-T represents. 

 

If box 1 on the 1098-T is larger than box 5, No, you may be eligible for a credit, but you are not obligated to report the 1098-T. You are also not obligated to claim the credit.

 

If box 5 is larger than box 1, you may have to report the difference as income, in which case Yes, you need to report the income. If you are using TurboTax, that would be calculated by entering the 1098-T. 

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