Form 1098-E

Student Loan Interest Deduction

What is a 1098-E Form?
⦁ Form 1098-E is your student loan interest statement. It will include information about your student loan lender, name and address, and the amount of student loan interest the lender received from you during the tax year.

How Do I Get a 1098-E?
⦁ The student loan interest paid is reported to you by your loan servicers using Form 1098-E, Student Loan Interest Statement. Anything exceeding $600 of student loan interest will be reported on Form 1098-E. Your student loan servicer (who you make payments to) will provide a copy of your 1098-E of the interest paid in a tax year.

Student Loan Interest Tax Deduction.
⦁ You can deduct up to $2,500 worth of student loan interest from your taxable income.
⦁ Eligibility for the student loan interest deduction is based on your modified adjusted gross income (MAGI). This is a number you calculate when you fill out your tax return. Your deduction is reduced or eliminated at higher income brackets. For single taxpayers, the deduction is reduced once you have $70,000 of modified AGI and eliminated at $85,000For married taxpayers, the deduction is reduced at $140,000 of modified AGI and eliminated at $170,000.

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