What is Form 1098-E?
Form 1098-E is used to report the interest amount that the taxpayers paid on student loans in a calendar year during a tax year.
Companies use IRS Form 1098-E to report how much the filer paid in interest. The $600 threshold applies to each borrower regardless of the number of student loans obtained by that borrower. Form 1098-E is filled by a financial institution, governmental unit, subsidiary agencies, or educational institution, this may include anyone who may receive an interest in a student loan of $600 or more within the year in the course of their trade school or business.
How to File IRS Form 1098-E?
The filer may use Form W-9 S, this form can be requested by the students’ or borrower. The use of Form W-9S is optional; the filer may collect the information by using their forms, such as admission or enrolment forms, or financial aid applications. When Filing a Form 1098-E the filer will need the student or borrower’s name, address, EIN, and a loan certification.
Information required to file Form 1098-E
- Taxpayer’s (RECIPIENT/BORROWER) information
- Account number
- Student Loan Interest
- Box 1: Student Loan Interest Received by Lender
Who can use Form 1098-E?
- An eligible educational institution that is a governmental unit
- An agency
- Instrumentality of a governmental unit
If another filer receives or collects payments of qualified tuition and related expenses on their behalf, the other person must file Form 1098-T. Form 1098-E obtains three copies of the forms one copy will be sent to the IRS the second copy is for the Borrower and the third copy is for the recipient.
Form 1098-E deadline?
IRS Paper Filing
IRS Electronic Filing
Note: If the due date/deadline falls on a Saturday, Sunday, or federal holidays, the filer may need to E-file on the next business day.
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