What is Form 1098-E?
Form 1098-E, also known as the Student Loan Interest Statement, is a tax document provided by loan servicers to students who have paid $600 or more in student loan interest within a year. This form details the total amount of interest paid, which can be deducted from your taxable income, potentially lowering your tax bill. Claiming this deduction is beneficial, especially if you meet specific income requirements, as it can lead to significant savings on your tax return by recognizing the interest you've already paid on your student loans.
What is Form 1098-E used for?
Form 1098-E is important for anyone with student loans. Here’s what it’s used for:
- Reports student loan interest: It shows how much interest you paid on your student loans last year.
- Tax deduction eligibility: If you paid more than $600 in interest, you might be able to deduct it from your taxes.
- Tax benefits: This form helps you see if you qualify for a deduction, which can be up to $2,500 each year.
How to fill out Form 1098-E?
- 1
Locate the section for your loan servicer's name.
- 2
Fill in the total interest amount paid as reported on your Form 1098-E.
- 3
Check for any additional details if you have multiple loan servicers.
- 4
Review all filled fields for accuracy.
- 5
Click Done to download the completed form.
Who is required to fill out Form 1098-E?
Loan servicers are responsible for completing Form 1098-E, reporting student loan interest payments of $600 or more to the IRS and borrowers.
Borrowers use Form 1098-E to find out how much student loan interest was paid during the tax year, aiding them in calculating potential deductions to lower their taxable income.
When is Form 1098-E not required?
Form 1098-E is not required if you paid less than $600 in student loan interest. Nonresident alien students don’t need it unless they request it. Additionally, students with tuition fully covered by scholarships, waived tuition, or those under a billing agreement with an employer or government entity also do not require this form.
When is Form 1098-E due?
The deadline for Form 1098-E is February 28, 2025, for paper filing and March 31, 2025, for electronic filing. Lenders must also provide borrower copies by March 3, 2025. Missing these deadlines can lead to penalties from the IRS.
How to get a blank Form 1098-E?
To get a blank Form 1098-E, visit our platform where we have the form pre-loaded in the editor for you to fill out. Remember, our website helps you fill and download forms, but it does not support filing. The form is issued by your loan servicer.
How to sign Form 1098-E online?
To sign your Student Loan Interest Statement, Form 1098-E, you can create an electronic signature using a scanned image of your handwritten signature or by typing your name in the signature block. The IRS accepts images in formats like TIFF, JPG, and PDF. Remember to check for the latest updates regarding signature requirements. Once you've filled out the form using PDF Guru, download it for your records, as submission is not supported through our platform.
Where to file Form 1098-E?
To submit your Student Loan Interest Statement, Form 1098-E, send it by mail directly to the Internal Revenue Service. Filing online is not an option.
If you prefer electronic submission, consider using the Information Returns Intake System (IRIS). Check IRS instructions for detailed filing requirements.
