Understanding the difference between IRS 1098-E and IRS 1098-MA

Last updated on Dec 8, 2025

What is IRS 1098-E?

The IRS 1098-E is a tax form used to report the amount of interest paid on qualified student loans during the tax year. This form is crucial for taxpayers who are claiming the student loan interest deduction on their income tax returns. By providing this information, taxpayers can potentially reduce their taxable income and thereby lower their tax liability.

1.

You may need IRS 1098-E if:
2.

You paid interest on a qualified student loan.
3.

You are eligible for the student loan interest deduction.
4.

Your lender is required to issue you a form for interest over $600.

Who needs to complete a IRS 1098-E?

The IRS 1098-E is primarily completed by lenders who received interest payments from borrowers. However, the borrowers need this form to claim any related tax deductions.

1.

Typically required for:
2.

Individuals who are repaying student loans.
3.

Taxpayers who meet income limits for the deduction.
4.

Individuals who have paid more than $600 in interest during the tax year.
5.

Students or former students who are filing their taxes.

When is IRS 1098-E due?

The IRS 1098-E must be provided to the borrower by January 31 of the year following the tax year in which the interest was paid. For example, for interest paid in 2023, the form must be delivered by January 31, 2024, making it essential for timely tax filing.

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What is IRS 1098-MA?

The IRS 1098-MA is a tax form that reports mortgage assistance payments made on behalf of a taxpayer. This form is used primarily to help individuals who are benefiting from state or local government programs designed to assist with mortgage payments.

1.

You may need IRS 1098-MA if:
2.

You received mortgage assistance payments during the tax year.
3.

Your lender participated in a state or local program.
4.

You want to document the assistance for tax purposes.

Who needs to complete a IRS 1098-MA?

The IRS 1098-MA is typically filled out by the entity providing the mortgage assistance, such as a government agency or lender. However, it’s crucial for recipients to retain this form for their records and tax filings.

1.

Typically required for:
2.

Homeowners receiving mortgage assistance payments.
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Individuals participating in government-sponsored housing programs.
4.

Taxpayers who need to report the assistance as income.
5.

Those required to show the assistance for tax assessment or qualification.

When is IRS 1098-MA due?

The IRS 1098-MA must be sent to recipients by January 31 of the year following the tax year in which the mortgage assistance payments were made. Timely provision of this form is important for tax compliance.

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Key differences between IRS 1098-E and IRS 1098-MA

While both IRS 1098-E and 1098-MA are essential for tax documentation, they serve different purposes and apply to different scenarios. Understanding these differences can help ensure compliance with tax regulations and aid in maximizing deductions or accurately reporting income.

1.

Main differences include:
2.

IRS 1098-E pertains specifically to student loan interest, while IRS 1098-MA relates to mortgage assistance payments.
3.

1098-E is used by borrowers to claim deductions, whereas 1098-MA may need to be included as income by the recipient.
4.

The eligibility requirements and income thresholds differ significantly between the two forms.
5.

The due dates for receiving these forms are the same, but the reporting requirements differ based on the payment types.

Understanding potential penalties

Filing tax forms incorrectly or late can lead to significant penalties. Understanding these penalties can help individuals and businesses avoid potential financial burdens.

Filing the IRS 1098-E incorrectly or failing to file it can result in fines imposed by the IRS. If you do not report your student loan interest accurately, you may miss out on the deduction, leading to higher tax liabilities. Additionally, late or missing submissions may incur penalties of up to $270 per form for incorrect filings or non-filing.

Similar to the 1098-E, incorrect reporting on the IRS 1098-MA can result in fines from the IRS. If a taxpayer fails to report mortgage assistance payments correctly, they may face increased taxes or possible legal ramifications for fraudulent reporting. These penalties can also amount up to $270 for each incorrect form that is not corrected within 30 days of notification.

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Author:

by Iryna Marchuk

Lead Writer/Blogs Manager at airSlate

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