Do I need to wait on my 1098T form in order to file my taxes? I did not take out any loans for 2019-2020. I only used grant money.

No, you don't have to wait for the 1098-T however it will provide a lot of information including Tuition, Fees and Course Materials that will be of value for taking advantage of available education credits.  These credits could be substantial.  You should receive the 1098-T in the next few weeks so I would recommend you have that information before you file.  

See below for information the 1098-T provides.

What is the 1098-T form?

Tuition-paying students at eligible colleges or other post-secondary institutions should receive a copy of Internal Revenue Service Form 1098-T from their school each year.  Eligible institutions include most colleges, universities, and vocational schools that are eligible to participate in the Department of Education’s student aid programs. This form provides information about educational expenses that may qualify the student—or the student's parents or guardian, if the student is still a dependent—for education-related tax credits.

Who gets the 1098-T form?

Schools must send Form 1098-T to any student who paid "qualified educational expenses" in the preceding tax year. Qualified expenses include:

• tuition,
• any fees that are required for enrollment,
• and course materials required for a student to be enrolled.

If someone else pays such expenses on behalf of the student (like a parent), the student still gets "credit" for them and receives the 1098-T. Schools must send the form to the student by January 31 and file a copy with the IRS by February 28.

Reporting qualified expenses

Education expense reporting and the Form 1098-T have been updated over the years 2017, 2018, and 2019.

In 2017, schools could report a student's qualified expenses one of two ways: based on how much the student actually paid during the year, or based on how much the school billed the student during the year.

• If the school reports the amount paid, it puts that figure in Box 1 of the form. If it reports the amount billed, it does so in Box 2.
• A school generally has to use the same reporting method every year. If it changes its method—which requires IRS approval—it puts a check mark in Box 3. This box is here primarily for the IRS's information, not the student's.

In 2018, the form was changed to reflect only amounts actually paid for qualified tuition and related expenses.

• Schools use Box 1 to report the payments received.
• Box 2 is no longer used.
• Box 3 still provided a check box to indicate a change in the method of reporting from the amount billed to the amount paid method.

In 2020, with only one method available for the current and prior years, the check box for changing methods is no longer needed, so Box 3 is no longer used.

Adjustments and scholarships

Box 4 of the form shows any adjustments the school has made to qualified expenses reported on a previous year's 1098-T. If it turns out a previous year's expenses were lower than initially reported, the student may be responsible for additional tax for that year.

Box 5 shows the amount of scholarships and grants that were paid directly to the school for the student's expenses. Scholarships and grants may reduce the amount of qualified expenses the student can use when calculating a credit.

Box 6 shows any adjustments the school has made to scholarships and grants reported on a previous year's 1098-T. These adjustments may affect the student's tax liability for the previous year, so the student may have to file an amended return.

Other information

Schools must check Box 7 if the amount in Box 1 or 2 includes expenses for an academic term that begins in the first three months of the year following the year covered by the 1098-T.

A check mark in Box 8 indicates that the student is enrolled at least half-time.

A check mark in Box 9 indicates that the student is enrolled in a graduate program.

Box 10

Box 10 of the form comes into play only in cases in which students have had expenses reimbursed under a "tuition insurance" policy. Such policies reimburse students when they are forced to withdraw from school—for medical reasons or family emergencies, for example—after paying nonrefundable tuition.

• When an insurer reimburses a student's expenses, it must provide that student with a copy of the 1098-T.
• The only box that gets filled in is Box 10, which shows the amount reimbursed.
• The amount of expenses used to calculate credits generally must be reduced by any reimbursement reported here.

You SHOULD wait for  the 1098-T, to be sure you have accurate info.  At at minimum, in TurboTax have have to tell it you have received one.  Schools will usually post them to you online account sooner that the mail date.  Loans are basically irrelevant.  Expenses paid and scholarships (grants) received need to be input.

There is a tax “loophole” available. The student reports all his scholarship, up to the amount needed to claim the American opportunity credit, as income on his return. That way, the parents  (or himself, if he is not a dependent) can claim the tuition credit on their return. They can do this because that much tuition was no longer paid by "tax free" scholarship.  You cannot do this if the school’s billing statement specifically shows the scholarships being applied to tuition or if the conditions of the grant are that it be used to pay for qualified expenses.

Using an example: Student has $10,000 in box 5 of the 1098-T and $8000 in box 1. At first glance he/she has $2000 of taxable income and nobody can claim the American opportunity credit. But if she reports $6000 as income on her return, the parents can claim $4000 of qualified expenses on their return.