Filed tax return, then received 1098 t

Forum|Forum|5 years ago
February 12, 2021
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I filed my tax return, then I got a 1098 t in the mail.

Do I need to amend my return?

If I do not amend it, what will happen?

I do not want to get into and "trouble" for not filing it.

Not A Product Question

ThomasM125

Unless your form 1098-T shows more scholarship income (box 5) than tuition and fees (box 1), you will not have taxable income to report, so you won't need to amend your return if you don't want to.

However, you may qualify for an education credit that can increase your refund, so you should go through the amend return routine in TurboTax to see if it may benefit you.

Also, if you have more tuition and fees than scholarship income and you are a dependent of another taxpayer, that individual should enter your form 1098-T on their tax return as they are entitled to the education credit, not you.

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Hal_Al

Employee

The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are either eligible for a tuition credit or deduction or possibly your student has taxable scholarship income. You (or your parent if you are a dependent) claim the tuition credit based on your own financial records, not the 1098-T.

You (not your parent) report scholarship income, based on your own records.