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Form 1095-A AR: What You Should Know
The Student Loan Interest Statement is part of your tax form. Your loan debt is considered taxable income and should be reported on Form 1042, U.S. Individual Income Tax Return. Do not send Form 1098-E as you would any other income tax notice. Do not use Form 1098-E to request benefits (such as tax-free student loans and reduced college tuition) as many loans are exempt or reduced in amount. How to use Form 1098-E: Form 1098-E (Student Loan Interest Statement) — IRS Form 1098 Form 1098-E (Student Loan Interest Statement) — IRS 1098-E Tax Form This form is an explanation of the amount of federal student loan interest you were forced to pay for school this year. It can be used by the IRS to determine your tax liability for this year. It is only used to compute the amount of income received by you from your student loan and the difference between these amounts and your gross income for the year of income tax and social security taxes. The IRS will include the amount of interest you would have paid to the lender in the information provided below. For the information below, see How to Use IRS Form 1098-E. Form 1098-E (Form 1090) Student Loan Interest Statement (Form 1098-E), 1090 (PDF; 10 pages) Student Loan Interest Statement (Form 1098-T) Student Loan Interest Statement (Form 1098-E), 1098-T, Tuition Statement, 1098-E (PDF; 9 pages) Tuition Statement Note : Some student loan companies will provide more information on this 1098. Check the student loan company's website. Amount of Student Loan Interest (Form 1098-E): The total of all student loan interest paid during the tax year on amounts paid for education in the United States and paid by any person for the education of the employee: (See the Student Loan Interest Statement Instructions for how to obtain this information.), (Form 1098-B) (Form 1098-E). Tuition paid The total of all student loan interest paid during the tax year on amounts paid for education at public colleges and universities, technical colleges and vocational, adult, apprenticeship, or other training programs: (See Form 1046 and Form 1098-T for student loan interest paid at private colleges or universities.) Amount of Student Loan Interest (Form 1098-E).
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