Form 1098-E: Report Student Loan Interest Statement
Quickly and Securely File IRS Form 1098-E with Tax2efile
Simple Steps to E-File Form 1098-E
Register with Tax2efile- Provide Required Tax Information
- Submit Your Form to IRS
Why Choose Tax2efile?
- Quick, Secure, and Reliable Platform
- Easy Bulk Filing Feature & Premium Service
- Unified Platform for All Your Tax E-Filing Needs
What is Form 1098-E?
Form 1098-E is an informational return that is used to report the amount of interest that has been paid on a qualified student loan. Its sole purpose is to provide the Internal Revenue Service (IRS) and the individual borrower with the necessary data to claim the student loan interest deduction (SLID).
The Reporting Threshold
Any entity (a financial institution, governmental unit, educational institution, or other loan servicer) that receives student loan interest of $600 or more from an individual during the calendar year, in the course of a trade or business, is required to file a 1098-E form for that borrower.
This threshold applies per borrower, not per loan. If a borrower pays less than $600 in interest to a servicer, that servicer is not required to issue the form, though they may still do so voluntarily.
Identifying the Filer
The filing of form 1098-E is the responsibility of the entity that is considered to be the first person to receive the payment of interest. This can be
- Financial Institutions: Banks, credit unions, and other private lenders.
- Governmental Units: Agencies like the Department of Education, or state-level programs.
- Loan Servicers: Companies that manage the loans on behalf of the original lender.
- Educational Institutions: Colleges or universities that directly issue student loans.
In the case of multiple organizations involved in a single loan, only the first recipient of the payment is legally required to file the form.
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
Watch our step-by-step video on How to E-File IRS Form 1098-E with Tax2efile
Tax Form 1099-E Boxes Explained
- Box 1: Student Loan Interest Received by Lender
- Box 2: Checkbox – Check if box 1 does not include loan origination fees and/or capitalized interest, and the loan was made before September 1, 2004
Student Loan Interest Reporting & Deduction Tips
Filing Form 1098-E allows students to report student loan interest statements if they receive loan interest of $600 or more from an individual during the year. However, the filer may file a separate Form 1098-E for each student loan of the borrower, or they may file one Form 1098-E for the interest from all student loans of the borrower.
Remember to select printing and mailing and/or emailing service when completing your 1098-E return so your students can get their student copies of 1098-E efficiently and without delay. For more questions or assistance reach out to our support team.
Note: The filer can deduct up to $2,500 worth of student loan interest from their taxable income if they meet certain conditions: The interest was their legal obligation to pay, not someone else’s. Their filing status should not be married filing separately.
For more information on Form 1098-E, please visit IRS.
When is the Due Date to File Form 1098-E Tax Return?
| Filing Type | Deadline |
|---|---|
| Recipient copy | January 31st |
| IRS Paper Filing | February 28th |
| IRS Electronic Filing | March 31st |
Note: If the due date/deadline falls on a Saturday, Sunday, or federal holiday, the filer will need to E-file on the next business day.
Get Started by Registering with Tax2efile Today!
Our IRS-approved e-fling services make tax season stress-free. Sign up Today!
Frequently Ask Questions
Find answers to commonly asked questions about our products and services.
Form 1098-E is used for Student Loan Interest Statement, Form 1098-E is used to report student loan interest received during course trade.
File Form 1098-E if you are a financial institution, governmental unit (or any of its subsidiary agencies), educational institution, or any other person who receives student loan interest of $600 or more from an individual during the year in the course of your trade or business. If more than one person has a connection with the loan, only the first person to receive the interest payment must file Form 1098-E. For example, a loan service or collection agent receiving payments on behalf of the lender must file.
Required Details to file Form 1098-E are Recipient & Borrowers Name, Address, TINs as well as student loan interest received by lender
Yes, Tax2efile offers a bulk upload feature that allows the user to upload all of the Borrower to an excel sheet for a faster process.
Tax2efile allows you to correct a mistake to the borrowers’ information for TINs, Names & amounts.
Form 1098-E is used to report interest paid on qualified student loans, including federal and private student loans.
Common payers for Form 1098-E reporting typically include financial institutions, such as banks or other lending institutions, that administer student loans. Additionally, individuals who make payments on behalf of a student loan borrower may also qualify as common payers.
Yes, Tax2efile offers printing and mailing service! Our dedicated team will print and mail out each form you filed.
Using our fast electronic service, you can complete your filing within 5 minutes.
To file Form 1098-E for a single return the filing fee is $3.25.
The IRS requires Form 1098-E to be submitted by February 28 through the mail and by March 31 if you file the form electronically however, recipients’ copy should be mailed by January 31
Failure to file the 1098 form by the deadline may result in IRS penalties. The penalty can be from $60 per 1098 Form, the maximum penalty can be up to $630,500. If you submit Form more than 31 days to before August 1, the penalty increases to $120 per 1098 Form and maximum penalty up to $1,891,500. If you file after August 1, the penalty can be from $310 per 1098 Form and maximum penalty up to $3,783,000. Additionally, there are penalties for failure to furnish the payee statement.
IRS Form 1098-E is used to report the amount of interest paid on qualified student loans during the tax year. This information helps student loan borrowers claim the student loan interest deduction on their federal income tax returns.
Still have questions?
If you have more questions, please refer to our FAQ page. Contact our customer support team for assistance.
