1098T Instructions for Student
Important Notice: Changes to 1098T Reporting for the 2018 Fiscal Year
In previous years your federal education tax credit Form 1098T included a dollar amount in Box 2 representing the qualified tuition and related expenses (QTRE) Lane Community College assessed (billed) to your student account for the calendar (tax) reporting year. Due to a federally-mandated change surrounding institutional reporting requirements, Lane Community College now reports the amount of qualified tuition and related expenses (QTRE) you paid during the 2018 calendar year in Box 1 of the Form 1098-T. This change is effective with the Form 1098-T's generated in January 2019 representing student activity for the 2018 calendar year.
How to find and print your 1098T
If you have QTRE charges billed for a given tax year, you will find your 1098T in your myLane account. Please go to the myFinances tab, and you will find the 1098T on the left-hand side of the screen.
If you did not provide Lane with your SSN or if you have an expired address, Lane can't complete a 1098T for you nor can we report the information to the IRS.
However, if you have no 1098T because we do not have your SSN or current address, you may still give this information to Enrollment Services, and the Bursar will produce a statement with the 1098T information for you to use.
If you are not eligible to receive a 1098T for any particular tax year you will not see one produced in myLane and there will be a list of reasons why you are not eligible.
To see if you qualify for the credit, see Pub. 970, Tax Benefits for Education; Form 8863, Education Credits; and the Form 1040 or 1040A instructions.
Lane Community College (LCC) must include its name, address, and information contact telephone number on this statement. LCC may be able to answer certain questions about the statement, do not contact LCC for explanations of the requirements for (and how to figure) any education credit you may claim. LCC can not offer any tax advice.
Box 1. Shows the total payments received by an eligible education institution in 2018 from any sources for qualified tuition and related expenses less any reimbursements or refunds made during 2018 that relate to those payments received during 2018. Please note the amount in Box 1 will NOT equal to or sum to the charges paid for calendar year 2018 because all charges are not considered qualified tuition and related expenses as defined by the Internal Revenue Service. Health Services fees and Transportation fees are not qualified; therefore, the full amount of fees paid will not be reported.
Box 2. Beginning in tax year 2018, this box will no longer be used. Prior to 2018, it was used for amounts billed for qualified tuition and related expenses.
Box 3. Shows whether your educational institution changed its reporting method for 2018. It has changed its method of reporting if the method (payments received) used for 2018 is different than the reporting method (amounts billed) for 2017. You should be aware of this change in figuring your educations credits.
Box 4. It is the amount of any adjustments made for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-. This amount may reduce any allowable education credit you may claim for the prior year. See Form 8863 or the IRS Pub 970 for more information. This box will be blank for 2018, as 2018 is the first year the College has reported payments.
Box 5. Scholarships or grants: This box reports scholarships and grants, but not loans, posted to your account during the calendar year 2018. Scholarships and grants may be paid in cash or may be in the form of direct tuition reductions.
Box 6. Shows adjustments to scholarships or grants for a prior year. This amount may affect the amount of any allowable tuition and fees deduction or education credit that you claimed for the prior year.
Box 7. Shows whether the amount in box 1 includes amounts for an academic period beginning January – March of the next tax year (which is the Winter term of the academic year). See Pub. 970 for how to report these amounts.
Box 8. Shows whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at the reporting institution. If you are at least a half-time student for at least one academic period that begins during the year, you meet one of the requirements for the American opportunity credit. You do not have to meet the workload requirement to qualify for the lifetime learning credit.
Box 9. If this box is checked, then the student is a graduate student at any time during 2018. This box should be blank.
Box 10. Shows the total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer.
Frequently Asked Questions (FAQ)
Q. Why doesn't my additional fees (Flight, welding, culinary supplies, etc) count toward my qualified tuition and related expenses (QTRE)?
The Internal Revenue Service (IRS) only allows inclusion of fees that are attached to a class at the time of registration. If you have additional fees (such as extra welding materials or additional flight charges), these fees are not considered qualified tuition and related expenses (QTRE) as defined by the IRS and will not be reported.
Q. Why didn't I get a 1098T?
Lane Community College (LCC) is not required to furnish a 1098T for the following students:
- Students who take classes where no academic credit is offered even if the student is otherwise enrolled in a degree program;
- Students who are nonresident aliens for income tax purposes (unless requested by the student); and
- Students for whom LCC does not maintain separate financial account information and whose qualified tuition and related expenses are covered by a formal billing arrangement between the College and either the student's employer or a governmental entity, such as the Department of Veteran Affairs or the Department of Defense.
Some of the most common reasons for not receiving a 1098-T are:
- LCC does not have your social security number. This information is required for 1098-T reporting.
- LCC does not have your valid address.
Q. Why does Box 1 not equal to or sum to the charges paid for calendar year 2018?
Box 1 will NOT equal to or sum to the charges paid for calendar year 2018 because all charges are not considered qualified tuition and related expenses (QTRE) as defined by the Internal Revenue Service. Finance Charges, Health Services fees and Transportation fees are not qualified; therefore, the full amount of fees paid will not be reported.
Q.If I paid for 201830 (Winter Term 2018 Jan-Mar 2018) in calendar year 2018, why is it not reported on my 2018 1098T?
LCC is required to report transactions by calendar year (January 1, 2018 to December 31, 2018). Payments can not exceed QTRE charges billed in calendar year 2018.
When registering for Winter Term 2018 before December 31, 2017; your QTRE was reported in box 2 on the 2017 1098T. If this was your only term in calendar year 2018, your payment in 2018 would not generate a 2018 1098T.