I am a first generation college student and just received a 1098 T form. I would like to know what this is and if our parents have to use it while doing their taxes. Or is it optional or just for our information. I would really appreciate some help understanding what this document is.
The 1098-T is an informational form that may be useful in figuring education tax credits or deductions. Use it with caution after gaining a full understanding of the requirements for education tax incentives and how they are calculated. Refer to IRS pub. 970: