I don't work at all right now. So I thought I wouldn't have to pay for taxes. But then I got this 1098-T form from my college a month ago. So now I'm confused. Can I/Do I still have to file for tax without any W2 form from jobs? The only document I have is that 1098-T.
1 Answer
The 1098-T is not an income statement. It is a statement of the tuition that was paid on your behalf. Normally, this form is used by the taxpayer to claim educational tax benefits.
If you have no income, and if you did not receive any taxable scholarships or tuition reduction, you are not required to file a tax return.
If your parents or someone else claims you as a dependent on their taxes, you should give this form to them. They may be able to use it to get a reduction on their taxes.
If there is no one that will claim you as a dependent, it is sometimes possible to claim the American Opportunity Tax Credit (AOTC) and get a refund even if you don't pay any tax. See the IRS page on the AOTC for details.