It depends. If reported "Scholarships and grants" (box 6) exceed "Payments received for qualified tuition and related expenses" (box 1), this generates taxable income that must be reported to the IRS accordingly, based on form 1098-T. If box 1 is higher than box 6, on the other hand, you simply would miss out on applicable education expenses. Either way, the best way forward will be to amend your return, as described above.
