@DaveF1006
So my parent's tax preparer erroneously did not file anything for my 1098-T even though a return should have been filed for it?
I made another discussion post inquiring about how to report 1098-T, and was informed that a return does not have to be filed if W-2s and 1098-T excess scholarships do not exceed $6200. Is this also incorrect?
@RayW7 wrote:
If the scholarships/grants exceed the qualified education expenses, then the student will report the 1098-T and all other educational expenses and scholarships/grants on the student’s tax return. The student will pay taxes on the amount of scholarships/grants that are not used for qualified education expenses. However, if the student’s earned income reported on a W-2, when added to the excess scholarships/grants does NOT exceed $6200, then the student doesn’t even need to file a tax return, and nothing has to be reported.
