Q. Is there a form i have to wait for if my child receives financial aid?
A. Technically, No. However there is a form you need to wait for if your dependent child attends college or other post secondary schooling (regardless of whether financial aid is involved).
"Eligible Institutions" issue a form 1098-T to document tuition and fees paid and scholarships received.
The 1098-T is only an 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 are either eligible for a tuition credit or possibly your student has taxable scholarship income.
If you claim the tuition credit, you do need to report that you got one.
Technically, you claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T. But, the process goes much smoother if you have a 1098-T to enter.
