Will I be penalized if I forgot to add my 1098T form for school? I took out student loans so I dont know if that needs to be reported. Thanks!

[Hal_Al]

No. The 1098-T is only any 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 (or your parents, if you are claimed as a dependent)* are either eligible for a tuition credit or deduction or possibly your student has taxable scholarship income. 

If you claim the tuition credit, you do need to report that you got one or that you qualify for an exception (the TurboTax interview will handle this).

For most college age students. the 1098-T is entered on the parent's return, not the student.