What information is Required to File Form 1098-E?
- 1. The Borrower's Name, Address, and TIN.
- 2. The Lender’s Name, Address, and TIN.
- 3. The account number if applicable.
- 4. The Loan Interest that the lender received during the tax year.
- 5. Indicate if this amount includes origination fees/interest.
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How to E-file Form 1098-E for 2021 with TaxBandits?
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Frequently Asked Questions on Form 1098-E
What is IRS Form 1098-E?
Form 1098-E is the Student Loan Interest Statement. This IRS tax form is used to report the interest of $600 or more on student loan payments. Financial institutions are required to file this form with the IRS and distribute copies to their borrowers. To be reported, the loan must be subsidized, financed, or guaranteed as a student loan from a government agency. Otherwise, it must be a loan that is used only towards higher education expenses.
When is the due date to file Form 1098-E for the 2021 tax year?
The deadline to file Form 1098-E by paper with the IRS is February 28. The deadline to distribute copies as needed to borrowers is January 31. The Form 1099-E electronic filing deadline is on March 31.
How can I get my 1098-E form?
If you don’t receive a copy of Form 1098-E, you should contact your loan provider. There may be an option to download this form from their website or your online account.
What is the difference between 1098-E and 1098-T?
The key difference between Form 1098-T and 1098-E is that 1098-T is a record of the tuition payments in a given tax year. Form 1098-E is a record of the interest paid on the student loan once the taxpayer begins repaying a student loan.