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Form 1095-A for Georgia: What You Should Know

Read through your federal loan documents for the repayment term for which you expect to receive a refund, your income, and the amount of money you expect to end up paying in taxes. Look over your income statements and pay attention to the repayment term of your loans. If your federal loans are due for principal reduction or cancellation and would be forgiven if you got out of debt, include that information when you fill out Form 1098-E. Don't include loan balance forgiveness amounts in your income when you fill out the 1098-E form.  Get a copy of your 1098-E from Student Loan Service. Fill out the 1098-E tax form if you want to deduct your student loan interest. Make sure your income information matches up with that on your federal tax form. Your 1098-E forms won't be used for the refund check, but you will take the same deductions for the taxes you pay. How do I get a copy of my 1098-E? Student Loan Service. The 1098-E form is typically posted in the spring. You can also get a Student Loan Service Tax Letter (SLOT) or a Student Loan Service Student Loan Debt Relief Application (STRAP). You'll have to pay a small fee to have it sent to you. How to Claim the Student Loan Interest Deduction for Students The Student Loan Service offers two ways to get the student loan interest deduction back on your income tax return. You could claim the deduction: as a business expense when you file your return for that year.  As a tax deduction on your federal income tax return, which is done each year on the income you paid toward your undergraduate degree. Or you could claim the deduction by claiming the student loan interest deduction in a joint return.  You may also be able to claim the deduction on your state- and local-level tax returns if your state and the federal student aid program agree to let you do so. You'll have to fill out a form called an “I-9 Form.”  What if I can't claim the deduction as a business expense? If you can't claim the deduction on your federal and state tax returns because you didn't pay the whole amount of the loan or didn't use the repayment term of your loans correctly, you must reduce your income by any amount of the interest paid on your federal and your state loans.

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