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Do i have to report my 1098-T? I just filed my taxes two days ago and just received the form in the mail.

 
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3 Replies
CatinaT1
Expert Alumni

Do i have to report my 1098-T? I just filed my taxes two days ago and just received the form in the mail.

No. You don't have to but you may want to if you qualify for an Education Credit.

 

What Are Education Tax Credits?

 

To avoid unnecessary delays, do not amend until your original return has been fully processed.    

You can e-file your 2022 amended federal tax return, but most states require amendments to be printed and filed by mail.  

Allow 16 weeks for processing.  

See this TurboTax FAQ for help with amending.  

You can check the status of your amended return here, but allow 3 weeks after filing for it to show up.  

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Do i have to report my 1098-T? I just filed my taxes two days ago and just received the form in the mail.

It depends. If reported "Scholarships and grants" (box 6) exceed "Payments received for qualified tuition and related expenses" (box 1), this generates taxable income that must be reported to the IRS accordingly, based on form 1098-T.  If box 1 is higher than box 6, on the other hand, you simply would miss out on applicable education expenses.  Either way, the best way forward will be to amend your return, as described above.

HelenC12
Expert Alumni

Do i have to report my 1098-T? I just filed my taxes two days ago and just received the form in the mail.

Yes, you should report your 1098-T to see if you qualify for an education credit or to see if your grant/scholarship money is taxable on your income tax return(s). 

 

Since you already filed your income tax return(s), wait for your return(s) to be processed. Once processed, use TurboTax to amend your return. If you qualify for an education credit or your grant/scholarship money is taxable, mail in your amended return(s). Please see Do I need to amend?

 

 

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