What are the Form 1098-T penalties?

Last modified 4/21/2022 2:59:42 AM EST

Failing to file Form 1098-T, filing with incorrect information, or not completing the form in its entirety will result in a penalty from the IRS. Form 1098-T penalties can also be incurred if you report an incorrect TIN, fail to report a TIN, or if you paper file your form when the IRS mandates it be e-filed. Penalties vary greatly, from $60 to $630/form.