I forgot about my 1098-t form but have already filed my taxes, will have to file for an amended return? Do I have to this if I don't qualify for an education credit?
If you forgot to enter your 1098-T and are not going to claim the education credit AND did not have taxable scholarship income (scholarships that exceeded the tuition paid) you do not have to amend your tax return. Keep a copy of it with your tax records for at least three years.
Unfortunately, no. You will need to amend the prior year return to add the 1098-T. Keep in mind: You have 3 years from the date you filed your 2018 return (or 2 years after you paid the tax due, whichever is later) to file an amended return.
What if I didn't receive my 1098-T form until after I did my taxes?
I did not receive any scholarships/grants, however I did pay out of pocket for my schooling. Will this increase my state return amount?
If your return has not been accepted yet, you will have to wait for that to happen.
If your return has been accepted, you will have to file an amended return.
Please note Form 1040X for the amended returns is not scheduled to be released until February 12, 2020. You will have to wait until this date has passed to amend your return.
Attached are instructions on how to prepare an amended return.
You will enter your 1098-T information as follows:
Follow-up question: My son put the 1098-T on his form even though he could not claim it and did not get a credit. I did not put it on my tax form even though I should have and could claim it. Do we both need to file amended returns?
Yes, I would amend yours to claim the credit. Since he was not able to claim it, his will not need to be amended.
See this TurboTax FAQ for help with amending.
I've filed my taxes without the 1098-t form because the school hadn't sent it yet. I just received the form in the mail but the IRS has already received my taxes. Will it be accepted as is ? Will this slow down the processing time ? Do I need to amend ? I noticed the school actually reported my tuition at a higher cost than what I actually paid, however I only put what I paid out of pocket on my taxes minus any grants etc.
If there were not taxable scholarships or grants, you do not have to amend.
If Box 5 is more than your tuition, it may be treated as taxable income and you should amend to avoid any penalties or interest that might be calculated on an underpayment or excess refund.
However, if you didn't claim any education credits because you didn't have the 1098T when you filed, you should amend if you want to see if you qualify for any additional credits or deductions.
I am including some information on Amending your returns as well as more details about Education Credits for which you might qualify.
Available Education Credits Education Credits
Tuition and Fees Deduction Tuition and Fees Deduction
How do I amend my return? How do I Amend my Tax Return?
Just to clarify, because I did claim education credits and qualified, but I did it by personal records not by the 1098-T because I didn't have it at the time I filed. Although what ive reported was less than what my school tuition actually was, would this cause an issue with approval to issue refund?
No, if you did the math in your head, and you did it right, the credit will be issued.
If you went light on the tuition expense, and you were still eligible for the full credit, the additional tuition would not matter if you had nothing more to match it to.