Your 1098-E along with your Education Loan Tax Information

Your 1098-E scholar Loan Interest Statement has one of the more essential numbers we are going to offer alaska payday loan consolidation you this year—the number of interest compensated in your student education loans in 2019.

How come this number very important? As you could possibly subtract some or the whole thing from your own income on your own federal taxation return, that could lessen the quantity you spend in income tax—good news!

There is your 2019 education loan interest compensated quantity in your Student Loan Interest that is 1098-E Statement.

just What do i actually do with my 1098-E?

You will have one 1098-E for every account noted on your Account Summary.

To file your fees, you do not need a real content of the 1098-E. Seek the advice of an income tax consultant to ascertain simply how much associated with interest compensated on your own figuratively speaking when you look at the year that is previous income tax deductible. For those who have one or more account, you’ll want to glance at numerous statements and add the numbers together for the total deduction. Enter the quantity from field 1 to the learning student loan interest deduction part of your taxation return.

It out from our website if you want a physical copy of your 1098-E for your records, just print. It is as simple as that!

How to discover how much interest ended up being compensated back at my loans just last year?

The quantity would be on your Student that is 1098-E Loan Statement, which you yourself can access by signing into mygreatlakes.org and picking My Accounts » Tax Filing Statements.

Could be the number of interest greater than you expected?

Capitalized interest (interest put into your principal) might be counted as interest compensated in the 1098E. That capitalized interest and your origination costs are taxation deductible. A tax advisor if you have more questions on your 1098-E, please contact.

Where may I find more details?

The IRS web site and Publication 970, Tax Benefits for Education, do have more information about how to subtract your education loan interest. You can finish the learning student Loan Interest Deduction worksheet into the Form 1040 or 1040A directions.

Call us for those who have extra questions—we’re here to simply help!

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