I received 1098-T from my school, but I never gave it to my parents and they filed their taxes without it. Should they amend them and add the 1098-T? Will this affect my fafsa in any way?
It depends. If you have qualified educational expenses after scholarships and grants, yes, your parents should amend their taxes.
Because maybe your parents would get $2500 FREE money for the American Opportunity Tax Credit if you had $4000 spent on what 4kidsdad mentioned.
Here is an easy to read article.
The 1098T doesn’t get filed. It’s used to help figure if parents are eligible for an education credit. But that can be figured using bills and records of payment, the 1098T isn’t necessarily necessary. So your parents may have already included a credit on their filing. Ask them. But yes, you definitely should give them the 1098T in case they aren’t aware of the credits.
Yeah. You don’t file it. It is provided by the college to help you to file tax return. My D’s school did not even give her one since her aids are above tuition and fees.
Thanks to everyone who replied! I’ll definitely have my parents amend their taxes.