lisajill
Feb 27, 2011, 04:54 PM
He college made a mistake on a 1098-T. shows scholorships/grants for a whole year but tuition for half. Looks like lot of income but isn't. How long do they have to fix it and forward to IRS?
JudyKayTee
Feb 27, 2011, 06:37 PM
As long as it takes to find the error, correct it, send the info to IRS. I am not aware of any time frame and would think the college would be in a hurry to correct the error.
MukatA
Feb 28, 2011, 12:07 AM
You should contact your college for giving you amended 1098-T.
If you are a degree candidate and if the financial aid (includes scholarship and fellowship) is for tuition fee, other fees, books, supplies and equipment, then it is not taxable. For a degree candidate aid for boarding and travel are taxable. If you are not a degree candidate, then all the financial aid is taxable. http://taxipay.blogspot.com/2008/08/us-income-tax-topics-1.html