Instructions for IRS Form 1098-E, 1098-T

IRS Form 1098-E Student Loan Interest Statement IRS Form 1098-T Tuition Statement

This document contains official instructions for IRS Form 1098-E , and IRS Form 1098-T . Both forms are released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1098-E is available for download through this link. The latest available IRS Form 1098-T can be downloaded through this link.

FAQ

Q: What is IRS Form 1098-E?
A: IRS Form 1098-E is used to report student loan interest payments made throughout the year.

Q: What is IRS Form 1098-T?
A: IRS Form 1098-T is used to report tuition payments made to eligible educational institutions.

Q: Do I need to report my student loan interest on Form 1098-E?
A: Yes, you should report your student loan interest on Form 1098-E if the amount paid is $600 or more.

Q: Who should receive a copy of Form 1098-E or 1098-T?
A: Lenders should send a copy of Form 1098-E to borrowers who paid $600 or more in student loan interest. Educational institutions should send a copy of Form 1098-T to eligible students.

Q: What should I do if I didn't receive a Form 1098-E or 1098-T?
A: If you did not receive a Form 1098-E or 1098-T, you should contact your lender or educational institution to request a copy.

Q: Can I claim the student loan interest deduction if I didn't receive a Form 1098-E?
A: Yes, you can still claim the student loan interest deduction even if you did not receive a Form 1098-E. Keep records of your student loan interest payments as proof.

Q: Are there any income limitations for claiming the student loan interest deduction?
A: Yes, there are income limitations for claiming the student loan interest deduction. Consult IRS guidelines or a tax professional for more information.

Q: Can I claim tuition payments as a deduction on my tax return?
A: Yes, you may be eligible to claim a tuition and fees deduction or an education tax credit for qualified education expenses. Consult IRS guidelines or a tax professional for more information.

Q: What is the deadline for filing IRS Form 1098-E or 1098-T?
A: The deadline for filing IRS Form 1098-E or 1098-T with the IRS is January 31st of the following year.

Q: Do I need to include copies of Form 1098-E or 1098-T with my tax return?
A: No, you do not need to include copies of Form 1098-E or 1098-T with your tax return. Keep them for your records.

Q: How long should I keep copies of Form 1098-E or 1098-T?
A: It is recommended to keep copies of Form 1098-E or 1098-T and related documents for at least three years after the date you file your tax return.