Student loan interest but no 1098-E?

Forum|Forum|2 years ago
March 30, 2024
2 replies
7 views

I would like to enter how much interest I paid for last year's student loans. However, I didn't get a I098-E. When I clicked "no I didn't get a 1098-e", the site just takes me back to the deductions page. I was told I could still report my interest even though I don't have 1098-E. How do i do this?

DawnC

Level 15

You may have been in the wrong 1098 section. If you paid less than $600 in interest to a federal loan servicer during the tax year and do not receive a 1098-E, you may contact your servicer for the exact amount of interest you paid during the year so you can then report that amount on your taxes. If you know the amount and qualify to take the deduction, follow these steps:

Sign in or open your return
Search for 1098-e
Click on the Jump to 1098-e link
Answer Yes
On the next screen, enter the lender name and amount of interest

You can claim the deduction if all of the following apply:

You paid interest on a qualified student loan in tax year 2023;
You're legally obligated to pay interest on a qualified student loan;
Your filing status isn't married filing separately;
Your MAGI is less than a specified amount which is set annually; and
Neither you nor your spouse, if filing jointly, were claimed as dependents on someone else's return. Another taxpayer is claiming you as a dependent if they list your name and other required information on page 1 of their Form 1040, 1040-SR, or 1040-NR.

A qualified student loan is a loan you took out solely to pay qualified higher education expenses that were:

For you, your spouse, or a person who was your dependent when you took out the loan;
For education provided during an academic period for an eligible student; and
Paid or incurred within a reasonable period of time before or after you took out the loan.

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HelpImDrowningAuthor

Level 2

Thank you! So I click "yes" for "Did you get a 1098-E for student loan interest?" even though I didn't actually get one?

LeticiaF1

Level 12

Answer yes to "Did you get a 1098-E for student loan interest?." As DawnC mentioned, if you did not receive a form, you will need to contact your loan servicer to get the amount of interest you paid during the year. Once you determine that you are eligible, you can enter your interest paid in the steps she listed.

@HelpImDrowning

runrainyrun

Level 2

I qualified for forgiveness after making a few payments in 2025. My loan servicer shows principal and interest payments in my account history, plus a final separate amount for interest labelled as an adjustment. Do I include or exclude the adjustment in the interest total that I report on my tax return? I haven't been able to get clarification from the loan servicer (just keeps saying not required to send 1098-E b/c total is less than $600). Thank you.

AmyC

Level 15

You made a few payments that contained both principal and interest, I assume. Any actual interest paid toward your student loan can be included. Keep proof of the amounts paid and how you determined the interest with your tax file. The IRS knows forms are not sent for amount below $600.

@runrainyrun

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