Do I we have to file our 1098T?

My wife and I both go to college. however, after calculations, we would only get 8 dollars back for credit.

I do not wish to wait 2+ weeks for a couple of 1098T's that amount to 3 hamburgers.

 do we have to file our 1098T's or can we take the loss and file now? will it trigger an audit?

Thanks :)
  • My tuition is different than the total amount charged by the school. The school used the grant money to pay for all expenses. Why do I need to pay taxes? I did get a refund and used this to buy books on e-bay and 3 classes during the summer semester.
You do not have to include the 1098-T information as long as doing so would not have created taxable income.  This occurs when scholarships and grants in total exceed your qualified educational expenses.
    Contribute an answer

    People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

    1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
    2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
    3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
    4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
    5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.