Forgot I had a 1098-T form and I already filed, do I need to amend my taxes?

[faithsam6]

I took a few classes over the summer and paid out of pocket for them. However, I was a transient student and received financial aid to reimburse what I had to pay. Furthermore, I am dependent on my mother's tax return. All things considered, should I amend my own tax return to include the 1098-T I forgot?

[MaryK4]

You probably do not need to amend your tax return- because your parents will be claiming you as a dependent, you will not be able to take the Educational Credits.  If your scholarships were not more than the tuition, you would not have scholarship income to report so you most likely do not have to amend your return.  You should give the 1098-T to your parents in case they are able to claim the Education Credits.  

[user17729829425]

I didn't receive scholarships, and my mother already filed for me and got the education credit. Okay that's settled.

I have another question though. I also have a 1099-B, and I'm wondering what has to be true for it to be necessary to report.

[AmyC]

The 1099-B may have interest, dividends and sales so it may need to be reported.  There are a couple of things to look at:

• The IRS does do data matching and will notice that you did not report the 1099-B.
• If the change in tax liability is less than $25, the IRS prefers you not create an extra return usually.

The 1099-B should always be reported on your tax return (unlike the 1098-T). The IRS can charge you penalties and interest for not reporting the form.

Personally, I would not file an amended for a few dollars of income but would recommend you file for larger amounts or if you are worried about the IRS and questions later.

@user17729829425