Liberty 1098-T (2024)

FAQs

How do I get my 1098-T form at Liberty University? ›

All 1098T's are available through ASIST. Go To ASIST> STUDENT>STUDENT ACCOUNT>TAX NOTIFICATION. You may have also received your Form 1098-T via mail or electronically via your Liberty University email address.

Parents: If the student listed on the 1098-T is your dependent, enter the 1098-T on your return, even if your dependent paid the tuition. Students: If you're not being claimed as a dependent, enter the 1098-T on your return regardless of who paid the tuition, unless it was your employer.

The 1098-T tuition statement is a tax form that helps you capture one of those great tax perks you don't want to miss out on. So, take note, students, you'll get a 1098-T form, a tuition statement sent from your college or university, by January 31.

In most cases, the student should receive Form 1098-T from the eligible educational institution by January 31.

Students can consent online to access and download their 1098-T form electronically. If you do not provide an affirmative consent online, you will receive a paper copy of your 1098-T by mail to the address we have on file.

Student Loan Servicer

Even if you didn't receive a 1098-E from your servicer, you can download your 1098-E from your loan servicer's website. If you are unsure who your loan servicer is, log in to StudentAid.gov or call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243; TTY 1-800-730-8913).

If you don't claim any education tax benefits: You generally don't need to report the information on your 1098-T. However, it's still recommended to keep it for your records in case the IRS needs it for verification purposes.

The 1098-T form is not intended to be used for determining any taxable income you may have received from scholarship or fellowship payments. The university does not report scholarship or fellowship income to you or to the IRS.

If you claim a dependent, only you can claim the education credit. Therefore, you would enter Form 1098-T and the dependent's other education information in your return. If you do not claim a dependent, the student can claim the education credit.

Box 4 of the form shows any adjustments the school has made to qualified expenses reported on a previous year's 1098-T. If it turns out a previous year's expenses were lower than initially reported, the student may be responsible for additional tax. You must recapture (repay) any excess credit received.

Will I get more money if I file my 1098-T? ›

To answer simply, no, you do not get more benefits (refund) if you file Form 1098-T as income.

Form 1098, Mortgage Interest Deduction is an IRS form for notifying a borrower how much interest they have paid in one year on a qualified home mortgage. You should receive one in January if you have a mortgage, and are able to claim the interest as a deduction if you itemize your tax return.

The American Opportunity Credit, if you qualify, does provide a refundable credit. The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student.

1098-T forms are issued by the university to students that made a payment for qualified tuition and fees during a given calendar year. This form is to be used by the student to determine eligibility to receive the American Opportunity credit or Lifetime Learning education tax credits.

Be pursuing a degree or other recognized education credential. Have qualified education expenses at an eligible educational institution. Be enrolled at least half time for at least one academic period* beginning in the tax year. Not have finished the first four years of higher education at the beginning of the tax year.

Forms will not be issued under the following circ*mstances: The amount paid for qualified tuition and related expenses* in the calendar year is less than or equal to the total scholarships disbursed that year. Qualified tuition and related expenses in the calendar year were paid in full by a third-party organization.

Deducting mortgage interest using Form 1098

Put Box 1, deductible mortgage interest, and Box 6, points, into your Schedule A (Form 1040), Line 8a.

If you paid over $600 in mortgage interest, you should receive a 1098 tax form from your mortgage provider so that you can file it with your taxes so that you claim the deduction. It is important to note that you do not have to file Form 1098 unless you wish to claim a deduction for the mortgage interest you've paid.

Unofficial Transcripts

To access an unofficial transcript, log onto your myLU account using your username and password. Once logged in, select ASIST, and then select the Student tab, then the Student Records link. Next, click the Academic Transcript link.