What is a 1098-T?

The 1098-T form is a required IRS form to report payments of qualified tuition and related expenses (QTRE). Qualified tuition and related expenses include courses for which you can receive academic credit.

 

What do I do with it?

Keep it with your tax documents and consult your tax preparer or the IRS website at http://www.irs.gov to determine if you are eligible to take advantage of education tax credits.

For students who had payments for qualified tuition and related expenses (QTRE) during the tax year, a 1098-T form will be made available in the month of January for the prior tax year.

LCCC cannot advise whether or not you qualify for a tax credit. 

 

Questions regarding your 1098-T form?

If you have any questions concerning your 1098-T statement, please contact Bursar’s Office at (440)366-4045.

 

How to Access Your 1098-T

  • Log into MyCampus at https://mycampus.lorainccc.edu1098tClose
  • Click the Student Center link
  • Under the “Finances” section dropdown box select, “View 1098-T”
  • Click the GO buttonGoButton 
  • Select the tax year you want to view
    • Turn off pop-up blockers
    • You may need to “Grant Consent” to view the 1098-T online
  • Your 1098-T form will appear for you to view using browser functionality.
  • For detailed information about amounts on the 1098-T, click the Box Amounts tab and drill down on the amounts links

     

Amounts Reported on 1098-T

Payment Method

Box 1
Payments Received for QTRE

Box 5
Scholarships or Grants

Self Payments Yes No
Federal Loans  Yes No
Scholarships Yes Yes
Grants Yes Yes
External Awards Yes Yes
Third Party Payments Yes Yes

 

Why didn’t I receive a 1098-T form for the year?

You may not receive a 1098-T. A few of the reasons are:

  • No enrollment hours for the calendar year.
  • No payments received for qualified tuition and related expenses during the calendar year.
  • Box 5 total (scholarships/grants) is equal to, or greater than, Box 1 total for qualified tuition and related expenses. Generally, students whose qualified tuition and related expenses were paid in their entirety by scholarships/grants are not eligible for education tax credits.
  • You had adjustments (registration and/or financial aid) from the prior year.

Once again, LCCC cannot advise whether or not you qualify for a tax credit.

Printable Instructions

1098-T Frequently Asked Questions