1098-T

[AhmednLoura]

My spouse and I conjoined income for 2020 was $48,809 would we still need to file? 

[AmyC]

You had taxable income. Your income is above $24,800.  The difference between box 1 and box 5 should have been included in income. You are in the 12% tax bracket. Which is a $22 tax difference. Generally, the IRS does not think it is worth the bother for a tax difference of less than $25.

The choice to amend would be up to you.

[AhmednLoura]

So since it’s such a low net change if I chose not to amend I wouldn’t be penalized or anything ? 

[AmyC]

If you are missing other things or doing illegal activities, this would be another nail in the coffin. If this is the only thing on your return, no worries. Have a good year and we will see you next year!