Q. Do I need to amend my return?
A. Probably. It depends on your numbers.
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.
Even though the most generous tuition credit is limited to being claimed 4 times (by either the student or his parent), there is a lesser credit available in the graduation year (typically the 5th year).
There's even a loop hole available to claim the credit, if you are on scholarship.
