Fillable Form 1098-E

1098-E Form is a student loan interest statement used to figure your loan interest deduction that can be up to $2,500 worth of student loan interest form your taxable income.

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What is Form 1098-E?

IRS Form 1098-E, Student Loan Interest Statement, is a form by the Internal Revenue Service. It is used to report student loan interest information to the IRS and to taxpayers. This form is used by both student loan borrowers and lenders.

In Form 1098-E the borrower is the person who took out the loan to finance their education. The lender is the organization or financial institution that made the loan.

If you are a borrower, use Form 1098-E to report the following information:

The name, address, and taxpayer identification number of the person who received the interest payments;

The amount of interest paid during the year;

The date the interest was paid;

The account number to which the interest was applied; and

Any other information required by the IRS.

If you are a lender, use Form 1098-E to report the following information:

The name, address, and taxpayer identification number of the person who received the interest payments;

The amount of interest paid during the year;

The date the interest was paid;

The account number from which the interest was paid; and

Any other information required by the IRS.

This form must be filed with the IRS by February 28th (for paper filing) or March 31st (for electronic filing). This form is also sent to the taxpayer by the lender.

Any individual who pays interest on a student loan may deduct the amount of interest paid from their taxable income. This deduction is taken as an adjustment to income, which means that it can be taken even if the taxpayer does not itemize their deductions.

The student loan interest deduction is capped at $2,500 per year. This deduction is phased out for taxpayers with higher incomes. The phase-out begins at $60,000 for single taxpayers and $125,000 for married taxpayers filing jointly.

You may be qualified to take the student loan interest deduction if you meet all of the following criteria:

You paid interest on a loan used for qualified education expenses;

The loan is a qualified education loan;

You are legally obligated to pay the interest on the loan; and

Your filing status is not married filing separately.

If you are married and filing separately, you can only take the deduction if you meet all of the following additional criteria:

You paid interest on a loan used for your own qualified education expenses; and

You would have been eligible to take the deduction if you had filed as single or head of household.

To claim the student loan interest deduction, you must file Form 1040 or Form 1040A. You cannot take the deduction if you file Form 1040EZ.

On Form 1040 or Form 1040A, you will enter the amount of interest you paid on Line 33. On Form 1040A, this amount is entered on the “Interest You Paid” line. On Form 1040, this amount is entered on the “Student Loan Interest Deduction” line.

You can deduct up to $2,500 of student loan interest even if you do not itemize your deductions. This deduction is taken as an adjustment to income.

You do not need to submit Form 1098-E with your tax return. However, you should keep it in your records in case the IRS has any questions about your deduction.

How to fill out Form 1098-E?

Form 1098-E has several copies. The following instructions below are applicable to all the copies:

Copy A for Internal Revenue Service Center — This copy of the Student Loan Interest Statement must be submitted to the Internal Revenue Service (IRS) Center along with Form 1096, Annual Summary and Transmittal of U.S. Information Returns. Copy A of the Student Loan Interest Statement is provided for informational purposes only.

Copy B for Borrower — This copy must be kept by the borrower for his or her records.

Copy C for Recipient/Lender — This copy must be submitted to the recipient or lender.

To fill out Form 1098-E, provide the following information:

Recipient’s/Lender’s Name

Enter the recipient’s or lender’s full legal name. This is the person who received the interest payments. This is usually the borrower.

Recipient’s/Lender’s Street Address

Enter the recipient’s or lender’s street address including his or her apartment number.

Recipient’s/Lender’s City or Town

Enter the name of the recipient’s or lender’s city or town.

Recipient’s/Lender’s State or Province

Enter the name of the recipient’s or lender’s state or province.

Recipient’s/Lender’s Country

Enter the name of the recipient’s or lender’s country.

Recipient’s/Lender’s ZIP Code or Foreign Postal Code

Enter the recipient’s or lender’s ZIP code or Foreign Postal Code.

Recipient’s/Lender’s Telephone Number

Enter the recipient’s or lender’s telephone number.

Recipient’s/Lender’s Tax Identification Number

Enter the recipient’s or lender’s tax identification number (TIN).

Borrower’s Tax Identification Number

Enter the borrower’s tax identification number (TIN).

Borrower’s Name

Enter the borrower’s full legal name.

Borrower’s Street Address

Enter the borrower’s street address including his or her apartment number.

Borrower’s City or Town

Enter the name of the borrower’s city or town.

Borrower’s State or Province

Enter the name of the borrower’s state or province.

Borrower’s Country

Enter the name of the borrower’s country.

Borrower’s ZIP Code or Foreign Postal Code

Enter the borrower’s ZIP code or foreign postal code.

Borrower’s Account Number

Enter the borrower’s account number the lender has assigned him or her.

Item 1. Student loan interest received by lender

Enter the total amount of the student loan interest the lender has received during the calendar year in U.S. dollars. If there have been loans made on or after September 1, 2004, the applicant is required to include the amount in this section of the form.

Item 2. Loan Origination Fees and/or Capitalized Interest

Mark the provided box if the student loan interest in Item 1 does not include loan origination fees and/or capital capitalized interest and that the loan was made before September 1, 2004; otherwise, leave the box blank.

If the box was marked, this indicates that the loan origination fees and/or capitalized interest are not included in Item 1 for the loans made before September 1, 2004.

Table of Contents

Fillable Form 1098-E