IRS Instruction 1098-E & 1098-T 2024-2025 free printable template

2024Department of the Treasury Internal Revenue ServiceInstructions for Forms 1098E and 1098T Student Loan Interest Statement and Tuition Statement Section references are to the Internal Revenue Code

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How to fill out IRS Instruction 1098-E & 1098-T

1. Obtain Form 1098-E and Form 1098-T from the IRS website or your educational institution.
2. For Form 1098-E: Enter your name, address, and taxpayer identification number (TIN) at the top of the form.
3. List the interest you paid on qualifying student loans in box 1 of Form 1098-E.
4. Verify the loan servicer information and ensure they have provided correct details.
5. For Form 1098-T: Provide the educational institution's name, address, and TIN in the appropriate sections.
6. Fill in your name, address, and TIN on the student section of the form.
7. Report the qualified tuition and related expenses paid in box 1 or the scholarships and grants received in box 5 as instructed.
8. Check for any additional required information based on your educational situation or personal details.
9. Sign and date the form if you are submitting it manually.

Who needs IRS Instruction 1098-E & 1098-T?

1. Students who have paid interest on qualified student loans need IRS Form 1098-E.
2. Students enrolled in eligible educational institutions who have received scholarships or paid qualified tuition need IRS Form 1098-T.
3. Taxpayers who want to claim tax deductions or credits related to education expenses.

• Who Needs Instructions for Forms 1098-E and 1098-T?
• What are These Instructions for?
• Where Can I Find Forms 1098-E and 1098-T?
• • When were These Instructions Updated?
  • Do I Fill out These Instructions?
  • Where do I Send them?

Who Needs Instructions for Forms 1098-E and 1098-T?

All those who must file forms 1098-E and 1098-T, should consult this file. All the instructions have been carefully prepared by IRS officials and updated according to the changes for the 2016 tax year. They contain a section-by-section guide, mailing addresses, online resources for submitting the forms and due dates.

What are These Instructions for?

These instructions provide a guide for correct form-filling of 1098-E and 1098-T, Student Loan Interest Statement and Tuition Statement. There are 4 pages to answer any questions you might have while dealing with student loan interest and tuition statements.

Where Can I Find Forms 1098-E and 1098-T?

There are samples of Forms 1098-E and 1098-T. You can find them through your filler account. To start browsing the filler library, click Add new document and then Search document. Once you find it, you can fill it out immediately.

When were These Instructions Updated?

These instructions were updated according to IRS requirements for 2016.

Do I Fill out These Instructions?

You don’t need to write anything on these instructions. They are designed for your convenience. However, you can highlight important sections, put sticky notes on them and share valuable information found in this form with your colleagues.

Where do I Send them?

You don’t have to attach these instructions to anything or send them anywhere. They are meant for personal use only.

People Also Ask about claim credit

Do I need to include 1098-E with my tax return?

If you are paying off your student loans, you'll probably need to use Form 1098-E while completing your taxes. Generally, if you made student loan payments, you may be eligible to deduct a portion of the interest paid on your federal tax return.

How do I use Form 1098-E?

You use the 1098-E to figure your student loan interest deduction. You can deduct up to $2,500 worth of student loan interest from your taxable income as long as you meet certain conditions: The interest was your legal obligation to pay, not someone else's. Your filing status is not married filing separately.

Do I have to put my 1098-E on my tax return?

The IRS only requires federal loan servicers to report payments on IRS Form 1098-E if the interest received from the borrower in the tax year was $600 or more, although some federal loan servicers still send 1098-E's to borrowers who paid less than that.

How does 1098-E work?

The 1098-E tax form reports the amount of interest you paid on student loans in a calendar year. Loan servicers send a 1098-E to anyone who pays at least $600 in student loan interest.

Where can I get IRS instruction booklet?

Visit the Forms, Instructions & Publications page to download products or call 800-829-3676 to place your order.

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What is IRS Instruction 1098-E & 1098-T?

IRS Instruction 1098-E relates to the reporting of student loan interest paid by borrowers, while IRS Instruction 1098-T is used for reporting qualified tuition and related expenses for students.

Who is required to file IRS Instruction 1098-E & 1098-T?

Lenders who receive interest payments on student loans must file IRS Form 1098-E, while educational institutions must file IRS Form 1098-T for students enrolled and for whom they received payments or billed for qualified tuition.

How to fill out IRS Instruction 1098-E & 1098-T?

To fill out IRS Form 1098-E, enter the borrower's name, address, and Social Security number, along with the total interest received. For Form 1098-T, include the institution's information, the student's information, and report the qualified tuition and related expenses charged.

What is the purpose of IRS Instruction 1098-E & 1098-T?

The purpose of IRS Form 1098-E is to help taxpayers claim a deduction for student loan interest, while Form 1098-T assists students in claiming education credits for qualified expenses.

What information must be reported on IRS Instruction 1098-E & 1098-T?

IRS Form 1098-E requires reporting the total interest paid on qualified student loans, while Form 1098-T requires reporting amounts billed or payments received for qualified tuition and related expenses, including any scholarships or grants.