Updated for Tax 2019 year
You may be able to deduct some or even all of that interest on your federal income tax return if you paid interest on a qualified student loan. Education loan organizations use IRS Form 1098-E to report simply how much you compensated in interest. Borrowers have a duplicate for this type, and thus does the IRS.
Whom delivers Form 1098-E?
The 1098-E is delivered by loan “servicers”—companies that gather loan re payments. Some lenders service their very own loans; other people employ a company that is outside manage it. January loan servicers must send a 1098-E to anyone who pays at least $600 in student loan interest, and they generally must send the forms out by the end of. When you yourself have outstanding loans with over one servicer, you might get multiple 1098-E kinds.
In the event that you don’t receive the 1098-E
You might not get a 1098-E form if you paid less than $600 in interest. You should contact your loan servicer to find out how much you paid in interest if you don’t receive a form, the U.S. Continue reading “What’s Form 1098-E: Scholar Loan Interest Statement?”