1098-T Tax Forms
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 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 Student Accounts at (440)366-4045.
How to Access Your 1098-T
- Log into MyCampus
- Click the Student Center link
- Under the “Finances” section dropdown box select, “View 1098-T”
- Click the GO button
- 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 |
Box 5 |
|---|---|---|
| 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 were 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.
Why should I opt-in for the online 1098-T?
Your 1098-T will be available to you. You can easily print it out at your convenience. See the instructions above under How to Access Your 1098-T.
I lost the form that was mailed to me. Can I get a new one?
Yes, simply log in to MyCampus and print out a copy for your records.
Will you send a copy of this form to the IRS?
Yes, we are required by the IRS to do so.
The payments I made to LCCC are different than what is listed on my 1098-T. Why?
A: The IRS requires colleges and universities to report the payment amounts on your account from January 1 to December 31 of the tax reporting year. The 1098-T form reflects total payments for qualified tuition and related expenses, not just payments paid by you individually. Therefore, the statement may include amounts paid by all sources, i.e. financial aid, scholarships, third party payments, etc. Refer to the table above for more information.
For details, log in to MyCampus, navigate to the View 1098-T page, Box Amounts tab, and click on the amount.
I expected a 1098-T and didn’t receive one. Was one generated for me?
A: There are certain situations where a 1098-T was not generated. Under IRS rules, reporting requirements do not apply to:
- No enrollment hours for the calendar year.
- No payments were 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.