Accounts and Payments
Form 1098-T - Tuition Statement
The 1098-T Hope and Lifetime Learning tax credit tuition statements are available in Webrunner by January 31 st each year. Students are also able to view prior year 1098-T tax information online.
To access your 1098-T click on MyLB from the LBCC home page and under Current Students click Continue to Sign On. From the My Applications screen select WebRunner. Once in WebRunner click on the Student tab, select Student Accounts and then choose Tax Notification (1098-T). Once on the Tax Notification screen select the appropriate year.
Beginning with tax year 2018 reporting requirements under federal law changed and we now only report the amount you paid during the calendar year for qualified tuition and related expenses (QTRE) in Box 1. QTRE includes only the mandatory enrollment fees. Prior to 2018, your 1098-T included an amount in Box 2 that represented the qualified tuition and related expenses (QTRE) we billed to your student account for the calendar (tax) year.
Depending on your income, your enrollment level, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)
The information reported on your Form 1098-T may assist you in completing IRS Form 8863.
LBCC is unable to provide you with individual tax advice, but should you have any questions, you should seek the counsel of an informed tax preparer or adviser.
What is the information reported in the boxes?
- Box 1 is the amount you paid during the year for qualified tuition and related expenses.
- Box 2 is not being used for reporting purposes.
What are some examples of qualified tuition and related expenses?
Qualified Tuiton & Related Expenses
- General fee
- Technology fee
- Program fee
- Lab fees
- Online Course fees
- Bookstore purchases
- Late fees
- Student Health Insurance
- Box 4 reflects adjustments made for a prior year.
- Box 5 reflects grant and scholarship received by the student for terms
within the tax year.
- Box 6 reflects adjustments for prior year grant and scholarship.
- Box 7 indicates that amounts for a term starting after the end of the current tax year are included in box 1.
- Box 8 indicates that the student was enrolled at least half time in a degree or certificate program during the tax year.
- Box 9 is checked for all graduate level students.
- Box 10 is not being used for reporting purposes.
For more information please review Education Tax Credits and IRS Publication 970.
LBCC employees cannot offer tax advice. However, if you have questions about the information provided on the 1098T form you may contact us.
The following are some of the resources available for tax information:
- Great online resource for tax credit information: Tax Benefits for Higher Education
- IRS Tax Form 8863 with form instructions
- IRS Publication 970 Tax Benefits for Education
- Online: http://www.irs.gov
- IRS 800 Phone Number: 1-800-829-1040
- Professional Tax Preparers
- The 1098-T American Opportunity and Lifetime Learning tax credit tuition statements posted by January 31st in WebRunner. Students can also view prior year 1098-T tax information online too.