What is a 1098-E form? What you require to recognize about the learner financing profit statement
Olivia Munson
responsibility period is nearly upon us, and all the forms involved can seemingly blur together. But there are ways to make the procedure a little less complicated.
The best place to commence is by finding out what you require to file and why. If you’re a learner, there may be additional forms for you.
At least two forms deal with learner loans and tuition, monetary obligations that can be costly and overwhelming. Here is what you should recognize about 1098 forms and where to discover them.
What is a 1098-E form?
The 1098-E form is a learner financing profit statement. It states how much profit you paid on learner loans in a year. By filing it, you may discover out you are eligible for deductions.
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A 1098-E must be filled out if you paid at least $600 in learner financing profit. If you have made payments to more than one servicer, you must fill out a 1098-E to each servicer that received the minimum profit settlement.
If you did not pay that designated amount during a calendar year, you will not receive a 1098-E form.
How do I get a 1098-E form
In many cases, the financing servicer you pay will send you a 1098-E form. You can also download the form from your servicer’s website.
If you do not recognize your servicer, you can log in to StudentAid.gov and discover the correct contact information. You may also choose to contact the Federal learner Aid Information Center at 1-800-433-3243.
What is a 1098-T form?
The 1098-T form is a tuition statement. It outlines the tuition costs you paid for college, which may entitle you to an returns adjustment or a responsibility financing. It can be found on IRS.gov.
