You may need to submit relevant financial information on your education tax benefits and student loan interest deductions when filing your tax returns. This is where Forms 1098-T and 1098-E come in.
What is a 1098-T Form?
A 1098-T form, also known as a Tuition Statement Form, is filed by your educational once you enroll and make any transactions. This form reports every tuition expense you pay in college. With this form, you may claim an education tax credit for the qualified tuition and related expenses that were paid during that calendar year.
The main purpose of the IRS Form 1098-T is to provide the necessary information to the Internal Revenue Service (IRS) to assist them in determining your eligibility for the tuition and fee deduction or education credit.
What is a 1098-E Form?
A 1098-E form is also known as a Student Loan Interest Statement. It is used by your federal loan servicer to report the amount you paid as interest on your qualified student loan.
Note that your federal loan servicer will only report a Form 1098-E if your loan interest is up to or exceeds $600. The 1098-E may reduce your taxable income for tax purposes.
1098-T Form vs 1098-E Form
The major difference between Form 1098-E and Form 1098-T is what they record and how you get them.
- 1098-T Form records the tuition payments made within a given tax year. It also reports scholarships, calculated billings, and grants. While 1098-E Form records the interest paid on student loans once the loan servicer begins repaying them.
- Your college or career school sends a Form 1098-T to you electronically or by postal mail. On the other hand, you can download a Form 1098-E from your loan servicer’s website.
How to Get Your 1098-T and 1098-E Forms
How to Get your 1098-T Form
You can get your 1098-T Form from your college or career school electronically or by postal mail. This is possible if you paid any qualified tuition and related education expenses during the previous calendar year. If you have not received it, get in touch with them directly to request it and ensure they have your details correct.
How to Get Your 1098-E Form
You can download the Form 1098-E from your loan servicer’s website.
A loan servicer is a company assigned by the Federal Student Aid to handle the billing and other services on your federal student loan on their behalf at no cost to you.
If you do not know your loan servicer, login to StudentAid.gov for your servicer’s contact information. Alternatively, you can reach out to the Federal Student Aid Information Center at 800-433-3243 (or 800-730-8913, if you’re deaf or hard of hearing).
You cannot download your 1098-E Form from StudentAid.gov.
