Now that tax season’s here, all the forms involved can blur together. But USA TODAY has got you covered with a series of stories and tips that will hopefully make filing a little less complicated.
At least two forms deal with student loans and tuition, financial obligations that can be costly and overwhelming. Here is what you should know about 1098 forms and where to find them.
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What is a 1098-E form?
The 1098-E form is a student loan interest statement. It states how much interest you paid on student loans within a year, and you may find out you are eligible for deductions.
A 1098-E must be filled out if you paid at least $600 in student loan interest. If you have made payments to more than one servicer, you must fill out a 1098-E for each servicer that received the minimum interest payment.
If you did not pay that designated amount during a calendar year, you will not receive a 1098-E form.
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How do I get a 1098-E form
In many cases, the loan 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 know your servicer, you can log in to StudentAid.gov and get the correct contact information. You may also choose to contact the Federal Student Aid Information Center at 1-800-433-3243.
Additionally, the current revision of the 1098-E form is available on IRS.gov.
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What is a 1098-T form?
The 1098-T form is a tuition statement. It outlines the tuition expenses you paid for college, which may entitle you to an adjustment to income or a tax credit.
It can be found on IRS.gov.
Story Credit: usatoday.com