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IRS 1098-Q 2019-2025 free printable template

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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 scalable,
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How to fill out IRS 1098-Q

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How to fill out IRS 1098-Q

01
Obtain Form 1098-Q from your education institution or via the IRS website.
02
Fill in the name of the borrower (the student or their parent/guardian).
03
Provide the borrower’s Social Security Number.
04
Enter the lender’s information, including name and address.
05
Fill out the account number associated with the loan.
06
Report the principal and interest amounts paid during the year in the designated boxes.
07
Indicate the loan origination date if applicable.
08
Review for accuracy before submitting with your tax return.

Who needs IRS 1098-Q?

01
Any individual who has taken out a student loan for higher education expenses.
02
Borrowers who are eligible for tax deductions or credits related to their student loans.
03
Educational institutions that are required to report student loan interest payments to the IRS.
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IRS 1098-Q is a form used to report the Qualified Tuition Program (QTP) contributions and distributions made during the tax year.
The form is required to be filed by custodians of QTPs, which include Section 529 plans and Coverdell Education Savings Accounts, when distributions or contributions are made.
To fill out IRS 1098-Q, provide details such as the recipient's name, address, taxpayer identification number, the total contributions made, and the total distributions for the year.
The purpose of IRS 1098-Q is to provide information to both the IRS and the taxpayers regarding contributions and distributions from Qualified Tuition Programs to ensure proper tax compliance.
The information that must be reported includes the name, address, and taxpayer identification number of the account owner, the name of the beneficiary, total contributions, and total distributions.
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