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...service site toll free at 866-455-7438 or 304-263-8700 not toll free. VOID CORRECTED OMB No. 1545-1576 RECIPIENT S/LENDER S name street address city or town state or province country ZIP or foreign postal code and telephone number Student Loan Interest Statement Form 1098-E RECIPIENT S TIN BORROWER S TIN 1 Student loan interest received by lender Copy A For Internal Revenue Service Center BORROWER S name File with Form 1096. Attention Copy A of this form is provided for informational purposes...only. Copy A appears in red similar to the official IRS form* The official printed version of Copy A of this IRS form is scannable but the online version of it printed from this website is not. Do not print and file copy A downloaded from this website a penalty may be imposed for filing with the IRS information return forms that can t be scanned* See part O in the current General Instructions for Certain Information Returns available at www*irs*gov/form1099 for more information about penalties....Please note that Copy B and other copies of this form which appear in black may be downloaded and printed and used to satisfy the requirement to provide the information to the recipient. To order official IRS information returns which include a scannable Copy A for filing with the IRS and all other applicable copies of the form visit www. IRS*gov/orderforms. Click on Employer and Information Returns and we ll mail you the forms you request and their instructions as well as any publications you...may order. Electronically FIRE system visit www. IRS*gov/FIRE or the IRS Affordable Care Act See IRS Publications 1141 1167 and 1179 for more information about printing these tax forms. Street address including apt* no* City or town state or province country and ZIP or foreign postal code 2 Check if box 1 does not include loan origination fees and/or capitalized interest and the loan was made before September 1 2004. Account number see instructions Cat* No* 25088U www*irs*gov/Form1098E For...Privacy Act and Paperwork Reduction Act Notice see the 2018 General Certain Information Returns. Department of the Treasury - Internal Revenue Service D o Not Cut or Se p a r a te F o rm s o n T h is P ag e D o N o t C u t or S e pa ra te Fo rm s o n T h is Pa g e CORRECTED if checked 2 If checked box 1 does not include loan origination fees and/or capitalized interest for loans made before September 1 2004. keep for your records Copy B For Borrower This is important tax information and is...being furnished to the IRS* If you are required to file a return a negligence penalty or other sanction may be imposed on you if the IRS determines that an underpayment of tax results because you overstated a deduction for student loan interest.
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How to fill out IRS 1098-E
Instructions and Help about IRS 1098-E
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How to fill out IRS 1098-E
Filling out IRS 1098-E requires specific information about qualifying educational expenses. Follow these steps to ensure accurate completion:
01
Gather records of your student loan interest payments.
02
Enter the borrower's information, including their name, address, and taxpayer identification number.
03
Provide the lender's name and contact information.
04
Report the total interest paid on qualified loans during the tax year, which is usually found on the lender’s annual statement.
Ensure all entries are accurate to avoid potential penalties or issues with tax filings.
About IRS 1098-E 2020 previous version
What is IRS 1098-E?
IRS 1098-E is a tax form used to report student loan interest payments made by a borrower during the tax year. This form is crucial for taxpayers seeking deductions for the interest paid on qualified federal and private student loans.
Who needs the form?
Taxpayers who paid interest on qualified student loans that exceed $600 during the tax year will receive IRS 1098-E from their loan servicer. This form is essential for individuals looking to claim the student loan interest deduction when filing their federal tax returns.
Components of the form
IRS 1098-E includes several key components that facilitate accurate reporting, including:
01
Borrower's name, address, and taxpayer identification number.
02
Lender's name and address.
03
Total amount of interest paid during the year.
04
Box for reporting student loan interest.
These components are designed to streamline the process of claiming the deduction and ensure compliance with IRS requirements.
What information do you need when you file the form?
When filing IRS 1098-E, it is necessary to have accurate records of the interest paid on student loans, which can be obtained from the lender’s annual statements. Additionally, personal information such as your Social Security number, address, and other related personal financial information is required for accurate submission.
Where do I send the form?
IRS 1098-E is not sent to the IRS by the borrower but is instead kept for personal records. Taxpayers should use the information on the form when filing their tax returns. Ensure that the details from this form are accurately reflected on Form 1040 or the applicable tax return used to report income and claim deductions.
What is the purpose of this form?
The primary purpose of IRS 1098-E is to provide information on the amount of student loan interest that can be deducted from taxable income. By using this form, taxpayers can ensure they accurately report their educational expenses, which may lower their overall tax liability.
When am I exempt from filling out this form?
You may be exempt from filling out IRS 1098-E if your student loan interest payments were below $600 for the tax year or if you did not pay any interest at all. Additionally, borrowers who did not receive a form from their lender should verify their interest payments via their loan statements.
What are the penalties for not issuing the form?
If a lender fails to issue IRS 1098-E when required, they could face penalties set forth by the IRS. The amount of the penalty can vary based on the seriousness of the violation. Similarly, borrowers who fail to accurately report their student loan interest deductively, based on available information, may also face fines or adjustments to their tax returns.
Is the form accompanied by other forms?
IRS 1098-E typically does not need to be accompanied by other forms when submitted. However, taxpayers should retain this form alongside their tax returns and any supporting documentation for their records, as this information may be needed for verification in case of an audit.
FAQ about IRS 1098-E
What should I do if I discover an error on my filed IRS 1098-E?
If you find a mistake on your IRS 1098-E after filing, you should file a corrected form as soon as possible. Use the IRS e-file system or submit a paper correction to ensure your records are accurate. Keeping copies of your documentation is important to respond to any queries or clarifications needed by the IRS.
How can I track the status of my IRS 1098-E submission?
To track your IRS 1098-E submission status, you can use the IRS online tools available for tracking forms. If e-filed, look for confirmation emails to verify successful submission. Keep an eye out for common rejection codes if you encounter issues, which can help you troubleshoot any problems.
Are there specific regulations regarding e-signatures for IRS 1098-E?
Yes, the IRS allows e-signatures for IRS 1098-E under certain conditions. Ensure that your e-signature complies with IRS guidelines to maintain authenticity and security. Always keep records of approvals and signatures for your records, as they may be necessary if questions arise.
What happens if a filed IRS 1098-E is rejected?
If your filed IRS 1098-E is rejected, you will typically receive a notification with details explaining the cause. You'll need to address the specific issues mentioned, make corrections, and re-submit the form promptly to avoid any penalties or complications.
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