We review the status of f(R,T) cosmological models, where T is the trace of the energy momentum tensor Tμν. We start focusing on the modified Friedmann equations for the minimally coupled gravitational Lagrangian of the type f(R,T)=R+αeβT+γnTn. We show that in such a minimally coupled case there exists a useful constraining relation between the effective fractionary total matter density with an arbitrary equation of state parameter and the modified gravity parameters. With this association the modified gravity sector can be independently constrained using estimations of the gas mass fraction in galaxy clusters. Using cosmological background cosmic chronometers data and demanding the universe is old enough to accommodate the existence of Galactic globular clusters with ages of at least ∼14 Gyrs we find a narrow range of the modified gravity free parameter space in which this class of theories remains viable for the late time cosmological evolution. This preferred parameter space region accommodates the ΛCDM limit of f(R,T) models. We also work out the non-minimally coupled case in the metric-affine formalism and find that there are no viable cosmologies in the latter situation. However, when analyzing the cosmological dynamics including a radiation component, we find that this energy density interacts with the matter field and it does not scale according to the typical behavior. We conclude stating that f(R,T) gravity is not able to provide a full cosmological scenario and should be ruled out as a modified gravity alternative to the dark energy phenomena.