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    lisajill's Avatar
    lisajill Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 27, 2011, 04:54 PM
    1098-T college mistake
    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's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    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's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    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/...-topics-1.html
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