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 $50 to $3,282,500.
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