1098-T

18 replies
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So I'm 22 and this year was my first time filing taxes on my own normally my father did them, I had a 1098-T form for the year of 2020 I was supposed to file and my tax preparer said it was ok to leave out and IRS wouldn'tworry about it since it was a small amount, SO in Box 1 a payment recieved in the amount of $270.00 was made by me and then in box 5 a scholarships/grants of $453, was she correct to tell me not to file it, is there a certain reason why, since it is below a taxable income of $650 or will I now get penalized for it?

ColeenD3

Alumni - Intuit

No, unless there is more information, your scholarship was more that what you paid so you would not get any benefit.

AhmednLouraAuthor

Level 2

So would I have to get this form filed and amend my taxes I really don’t know what to do?

ThomasM125

Alumni - Intuit

I would suggest you contact your school and get the form 1098-T. Then, complete an amended return in TurboTax (you will see an option when you log into TurboTax. ) If you have more scholarship income than educational expenses, you may have taxable income that could result in a tax due. Otherwise, you may have a refund. If your tax does not change, then you don't need to file the amended return.

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Hal_Al

Level 15

There are three answers to your question.

1. Technically, your tax preparer was wrong, those amounts probably should have been filed.

2. From a practical standpoint, he was right, the amount is so small it is unlikely to make a difference and you should forget about it. It is not mandatory that a 1098-T be filed. You will not be hearing from the IRS, because the amount is small and they do not authenticate numbers on a 1098-T, even big numbers.

3. The true answer depends on more details. Such as:

Why are you not you parent's dependent this year?

You say you actually paid $270, was that in addition to what the $453 paid for?

What other income did you have?

AhmednLouraAuthor

Level 2

I paid 270 because I received a bill for that and paid it I didn’t question it and the 453 is box 5 I’m not a dependent this year because I got married and moved out.

DawnC

Employee Tax Expert

What do you mean you paid $270, who sent you a bill, the IRS? Did you file a tax return in 2020 with your spouse? If so, enter the 1098-T on an amended return to verify it does not change anything. If the final numbers change, file the amendment. If not, cancel the amendment.

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