It depends. In general, the Form 1098-T form shows some of the qualifying educational credits could help qualify for an educational tax credit, some of which might be applied to their taxes owed and some of which might be refunded. So usually it would not cause any extra tax bill and they are not required to enter it.
However, if there was a Form 1099-Q distribution from a 529 or Coverdell account, and it was distributed to your parents, they will need the Form 1098-T to show some of the qualified educational expenses.
And, if you had scholarships which were more than the cost of tuition, you may need to claim some of it as taxable income.
There is more information about Education Credits in this TurboTax Help article.
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