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1098 from school Form: What You Should Know

If you received student loans and did not pay interest on any at the end of the year, the amount of interest you paid is reported on Form 1098-E. But if you paid interest during the year, the amount that must be reported on your 1098-E is your outstanding amount of interest. It is not required to file a separate 1098-E form for interest that you paid during the year if you receive a Form 1098-E and there are no repayment plans. But if you made a repayment plan, the amounts you paid during the year and any repayment plan payments during the year need to be added to your outstanding amount of interest in 1098-E. Report these amounts on the form with the amount of interest you paid. Learn about interest paid on the following loans: 1. Federal Direct Subsidized Loans 2. Federal Direct Unsubsidized Loans 3. Federal Direct PLUS Loans Are your student loans interest-free? | Taxpayer Advocate Service As a student, you may be wondering whether interest you paid on your student loans is taxable. As it turns out, the answer isn't simple. While interest is not taxable, there are some situations in which it may be nontaxable. Your student loan interest is not taxable if · the interest you paid was a qualified education expense (and not a capital gain or capital loss), or · you were an eligible student, or · you made a “qualified education expense” on a qualified tuition, or The IRS can only determine whether interest paid on a student loan is a “qualified education expense” if the student paid the interest on a qualifying educational expense. This is a qualified education expense if it met the following conditions : A. You did not repay the educational loan. B. You made a qualified education expense on the loan. C. The educational expense was the only qualifying expense you made on that student loan. D. There was no other qualifying education expense for that loan during the five-year period before you started making payments. E. You made regular payments on the loan, and you did not make additional advance payments or payments. The IRS makes a determination whether the student paid qualified education expenses for this tax year. You can get additional information from the IRS.

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