I already filed my taxes and just received my 1098-T form. Do I need to add it to my 2020 taxes? Or can I use it next year?
You cannot use it next year.
But you may not have to use it this year. The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. You can just not enter it.
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.
Otherwise, you'll have to wait.
If your efile is rejected, you'll get a chance to change it and re-file. IRS processing starts Feb 12.
If you return is accepted, you'll have to wait until it's fully processed, then file amended return.
Be advised, there's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. You usually must have actually paid tuition, not had it paid by scholarships & grants. It is usually best if the parent claims that credit.
You cannot claim a credit if you are, or can be, claimed as a dependent by someone else
Thank you very much.
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