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Anonymous
Anonymous asked in Business & FinanceTaxesUnited States · 1 month ago

Taxes excluded 1098-T for past 3 years. What to do?

Normally my family just hires this guy to do our taxes, but this year, we decided to get them done by a family friend. After looking at our previous years taxes to do this years, the friend noticed that we did not file an 1098-Ts for myself and my sister, who were both college students. The 1098-T was never filed for my 3 years of college, and I'm currently on my last semester. Adding on 2019's 1098-T, my income would have an additionally $12,000 added to it. Did the person doing our taxes for the past 3 years do it wrong by excluding it? Am I suppose to amend my taxes for the past couple years due to this error?

5 Answers

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  • 1 month ago

    Talk to a tax attorney about how to file amended returns and pay whatever you owe.

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  • 1 month ago

    You need to amend, yes.

    If you were a dependent in any of those years, the 109-T goes on the return of whomever claimed you, not yours.

    • NA
      Lv 7
      1 month agoReport

      That is not true for scholarships. Those always go on the student's return.

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  • 1 month ago

    File amended returns to correct the error.

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  • NA
    Lv 7
    1 month ago

    What is your situation.  Are you getting scholarships that pay tuition AND room and board?  The amount for tuition can be tax free.  The amount for room and board is taxable.

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  • Shay
    Lv 7
    1 month ago

    You didn't provide enough information.  Are you under the age of 24.  Have your parents been claiming you as dependents?

    The 1098-T is usually filed on the PARENT'S tax return - NOT the student's tax return.So, if it is missing from your tax returns and your sister's tax returns, was it filed on your parent's tax returns.  If your parents have been claiming you and your sister as dependents because you are college students under the age of 24, then your parents should have filed the 1098-T on their taxes.  

    If your parents did not claim you as a dependent, then you should have filed the 1098-T and you do need to amend.

    If your parents DID claim you but did not file the 1098-T, then they need to amend.

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    • NA
      Lv 7
      1 month agoReport

      Note, if mom and dad claimed a tuition credit,  you will put more your return.  Talk to them.

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