Filing taxes HELP!

[Greddypacked]

Need a little help on filing my 1098-T tuition statement form from school. Alright they send me this crap so late... so this is the case. I filed my taxes for 2009 just a week ago then today I get this form from school which is a 1098-T form. I use Turbo tax to file my taxes and sent them thru already. I didnt put that I got this form while I filed well cuz I didnt recieve lol until today. I logged on my account and put my form into Turbo tax and I dont owe any money nor getting any refunded to me from college. I was a half time student for the year and didnt have alot of money given to me for my HOPE scholarship for my tuition. So I did a Turbo Tax check for no auditing worries and what not and it was clean. MY QUESTION IS... since I didnt e-file this form (1098-T) w/ my other 1040 and what not do I have anything else to do. I did put it in later thru my Turbo Tax account and I didnt owe anything so is that fine... or do I need to mail this form in? Its not a big ordeal but I do like to do things correctly. Thanks for the assistance reps will be given.

[EJdm]

it shouldnt be a big deal just hold on to it and file it next year...

[JennB]

I'm going to have to disagree

You have two choices. You can hold on to it and hope that the IRS catches it later and amends your return. It will take a few months but they will send you a letter explaining what you filed against what you were supposed to file and if you owe anything or they owe you. I wouldn't risk it though. IF you happen to owe anything more, they could asses penalties and interest and that gets uuuuuugly.

The correct way to go about it is to file a 1040X amended return. It's a paper form, it's really easy. Since you already entered the 1098 in turbo tax, you should be able to preview your federal return and use that to fill out the 1040X. You should be able to just copy the numbers over.

Also, they didn't send you the form late. 1099's and 1098's have to be mailed by January 31st (Feb 1 this year because the 31st was on a weekend).

[Greddypacked]

I'm going to have to disagree

You have two choices. You can hold on to it and hope that the IRS catches it later and amends your return. It will take a few months but they will send you a letter explaining what you filed against what you were supposed to file and if you owe anything or they owe you. I wouldn't risk it though. IF you happen to owe anything more, they could asses penalties and interest and that gets uuuuuugly.

The correct way to go about it is to file a 1040X amended return. It's a paper form, it's really easy. Since you already entered the 1098 in turbo tax, you should be able to preview your federal return and use that to fill out the 1040X. You should be able to just copy the numbers over.

Also, they didn't send you the form late.

I dont owe any money though on my 1098-T, I checked on Turbo Tax and no errors. They would amend my return over a 1098-T that I dont owe anything on LOL?

[JennB]

Umm.. yes.

It's really easy, just do it so you don't have to worry about it.

[Greddypacked]

Umm.. yes.

It's really easy, just do it so you don't have to worry about it.

LOL I know someone that didnt even file there 1098 one year cuz it was below 600.00. They didnt even get a call back from the IRS nor anything in the mail. My scholarship and tuition on line 5 is below 600.00 and didnt they pass a law if it isnt higher than 600.00 you dont even have to file it? I should be alright.

[JennB]

It's been the law for as long as I've been doing taxes that you don't have to issue a 1099-MISC for under 600.00. Different types of 1099's have different thresholds.

You should always clam a 1098 though. A lot of times you can receive a tax benefit for it even if it's only a new hundred dollars. If turbo tax tells you that it doesn't change your refund and you trust it, do what you like. If they catch it and amend it, you'll get a letter in the mail and it will tell you if you owe them, they owe you or neither.

The IRS won't call you. They always send correspondence via mail.

If you don't want to amend your taxes, don't. It's the correct thing to do but whatever.

[Greddypacked]

It's been the law for as long as I've been doing taxes that you don't have to issue a 1099-MISC for under 600.00. Different types of 1099's have different thresholds.

You should always clam a 1098 though. A lot of times you can receive a tax benefit for it even if it's only a new hundred dollars. If turbo tax tells you that it doesn't change your refund and you trust it, do what you like. If they catch it and amend it, you'll get a letter in the mail and it will tell you if you owe them, they owe you or neither.

The IRS won't call you. They always send correspondence via mail.

If you don't want to amend your taxes, don't. It's the correct thing to do but whatever.

Thanks for your help!

[EJdm]

i dont own any money too mayb this is what i should do too...