1098-T Information

Note: This page is provided as general information and not as qualified tax advice. Lees-McRae College employees cannot provide tax advice.

Frequently Asked Questions

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    What is Form 1098-T?

    The college is required by IRS Section 1.65050S-1 to send Form 1098-T to students for whom payment for qualified tuition and fees were received during the calendar year.
  •  

    Why did I receive Form 1098-T?

    Form 1098-T is an informational form used to assist the IRS and you in determining if you are eligible to claim educational-related tax credits or deductions on the income tax return.
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    Why did I NOT receive Form 1098-T?

    There are several possibilities:

    • The IRS does not require us to send you one if qualified tuition and related expenses are entirely waived or paid with scholarships.
    • You attended in the spring semester but you had enrolled and the college received payment in the prior calendar year.
    • You were enrolled in courses for which no academic credit is offered, even if you were otherwise enrolled in a degree program.
    • We do not have a valid United States mailing address or social security number on file for you.
    • You gave consent to "opt-out" of paper delivery of the form.
    • Institutions are not required to furnish a Form 1098-T to non-resident aliens.
  •  

    Where was my form mailed?

    Your 1098-T form will be mailed to your home address on record, as of January 1.
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    How do I view my Form 1098-T online?

    • Log in to Montibus
    • Choose "Tax Information"
    • Choose "1098 Information"
    • Choose "Receive My 1098 in Electronic Format" and save
    • Select the 1098-T statement for the desired tax year
  •  

    I viewed my Form 1098-T online. Will I get a copy in the mail?

    No, by providing consent to view your Form 1098-T online, you also opted-out of receiving a paper copy.
  •  

    Is the Form 1098-T form I printed from my account online valid for the IRS?

    Absolutely. The Form 1098-T from Montibus is an IRS approved substitute.
  •  

    I registered in November for spring classes. Is that amount reflected on my Form 1098-T?

    It depends. Your Form 1098-T will report any payment received for qualified tuition and fees in your account from January 1 to December 31 of the tax year. Box 7 will be checked on your form showing that your amount in Box 1 includes amounts for terms beginning in the first three months of the next year.

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    My address is wrong. Can I get another copy printed?

    No, but you can access and print a copy of your Form 1098-T by logging into Montibus. Student Accounts cannot reprint tax forms. Please update or correct your current mailing address with the Registrar or "opt-out" of paper delivery.

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    What about books? Why is that cost not included on my Form 1098-T?

    Only qualified tuition and expenses are reported on your Form 1098-T. Please consult your professional tax advisor with questions regarding "qualified expenses."

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    What did I pay for tuition last year? Can I get copies of my receipts from last year?

    Visit Montibus to view payments or refer to your canceled checks and credit card statements for this information. Student Accounts cannot reprint receipts.
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    If I receive Form 1098-T, does it mean I qualify for the Hope Scholarship or Lifetime Learning Tax Credits?

    Not necessarily; the college is required to provide Form 1098-T to individuals for whom qualified tuition and fee payments were received during the calendar year. Please consult your professional tax advisor to make an individual determination.
  •  

    How do I determine which expenses will qualify for the Hope Scholarship and Lifetime Learning Credits?

    Lees-McRae cannot offer tax advice. Please consult your professional tax advisor for additional information.
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    What do the amounts located on the form represent?

    • Box 1 shows the total payments received by the college from any source for qualified tuition and related expenses less any reimbursements or refunds made for calendar dates January 1 through December 31.
    • Box 4 shows any adjustment made by the college for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit that you claimed for the prior year (may result in an increase in tax liability for the year of the refund). See “recapture” in the index to Pub. 970 to report a reduction in your education or tuition and fees deduction.
    • Box 5 represents the total of all scholarships or grants administered and processed by the eligible educational institution. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of any allowable tuition and fees deduction or the education credit you may claim for the year.
    • Box 7 is only checked when Box 1 includes amounts for spring semester paid prior to December 31 for any qualified tuition.
    • Box 8 is only checked if you have been a half-time student (6 credit hours) for at least one academic period that began during the calendar year.

Questions?

Contact the Bursar at studentaccounts@lmc.edu or 828.898.8759.