What is a Form 1098-E?

Modified on Thu, 25 Jan 2024 at 12:16 AM

A Form 1098-E is issued by your student loan servicer for student loan interest paid that’s $600 or more. You’ll then be able to enter this amount when completing your taxes to potentially qualify for a student loan interest deduction on your return, which will show up on Schedule 1, Part II, Line 21 if you qualify.

 

There are income limits on the student loan deduction. Your modified adjusted gross income must be less than $90,000 if filing as single, head of household, or qualified surviving spouse or $185,000 if filing as married filing jointly.  Also, the maximum student loan interest deduction currently allowed by the IRS for 2023 is $2,500.

 

Therefore, if you have student loan interest over $2,500 (or as you approach, meet, or exceed the income limitations on this deduction), some of your student loan interest paid may not be deductible.

 


This content is provided for informational purposes only and should not be construed as tax, legal, financial, accounting, or other advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need advice specific to you.

 

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