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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 agency, or educational institution, this may include anyone who may receive an interest in a student loan of $600 or more within the year during 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.

1098 E Form
Information required to file Form 1098-E
  • Taxpayer’s (RECIPIENT/BORROWER) information
  • Account number
  • Student Loan Interest

Watch our step by step video for Form 1098-E

Instructions on filing Form 1098-E:
  • 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

Common Payers that File 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?

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.

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