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Future developments. For the latest information about developments related to Form 1098-E and its instructions such as legislation enacted after they were published go to Copy C For Recipient Paperwork Reduction Act Notice see the 2018 General To complete Form 1098-E use Returns and the 2018 Instructions for Forms 1098-E and 1098-T. 1220. The IRS does not provide a fill-in form option for Need help If you have questions about reporting on Form 1098-E call the information reporting customer...
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Music welcome to the college investor Auto Show when we talk about the biggest issues impacting millennial life from super long dead to side hustles to the building well well show you how to get out of debt so that you can build real wealth for the future hey guys its Robert from the college investor here and today we are going to start diving into some deeper tax topics and were gonna start with a 1098 e oh boy what is a 1098 a and this is for people that have student loan debt and this is your student loan interest statement and were gonna dive in and talk about what matters why you should care about it and what to look for because right now I have gotten more tax questions than ever before because in the wake of the new tax reform bill many people with debt are starting to wonder whether or not theyre gonna even be able to take the student loan interest deduction next year and the answer for the most part is yes people will still get their 1098 and they will still qualify for the student loan interest deduction but there might be some cases where you dont but if you have significant student loan debt this deduction could yield you a few hundred dollars in savings on your taxes so first off how did the tax reform bill affect the student loan interest deduction and for a long time it seemed that the student loan interest deduction was going to be eliminated however the final bill the student loan interest deduction remained intact it skated through and this means that borrowers can take an above-the-line deduction on student loan interest payments next year unlike most tax deductions you dont have to Ida Mize your taxes to take the student loan interest deduction thats what it means by above the line that means even if you get the higher standard deduction you still might qualify for the student loan interest deduction in 2018 so who qualifies well to take the student loan interest deduction you must pay at least 600 in student loan interest in 2018 if youre struggling with student loan debt thats probably not very hard but you can only deduct a max of 2500 in interest paid and so the deduction is an adjustment on your gross income so if you paid 2500 in interest and you earn 60000 you will pay taxes on a fifty seven thousand five hundred dollars do you see how that works it takes twenty five hundred dollars off your income for the purposes of the deduction it doesnt matter whether your interest is paid on federal loans or private loans both of them qualify for the deduction and the deduction will go to the person who is legally required to pay the student loan interest that means if you are a student borrower its your interest deduction and if youre a parent borrower if youve got a Parent PLUS loan your parent the parent gets the deduction meri borrowers must opt to file their taxes as married filing jointly if they want to qualify for the deduction so realize if you file married filing separately because maybe you are doing things like income...