16 bit or 24

Hi, I have a tascam us-122 interface and have everything set up to record at 24bit as far as im aware. In the bottom left corner of the main screen in cubase le5 it says Rec: 44100 Hz - 16 Bit - Max: 109h 19m. Does this mean that i am recording in 16 bit? And if so how can i record in 24 bi instead

Yes it does (mean 16 bit)

You need to go to Project Setup and set 24 bit.

I am not familiarized with Cubase Le (I have Cubase full version). But you can try to find the project septup window. There you will be able to change resolution, sample rate, and other options.