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What is a federal tax credit? Know how it works before filing.
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What is a federal tax credit? Here’s how it works and what makes it different from a tax deduction.
Tax season is nearly upon us, and all the forms involved can seemingly blur together. But there are ways to make the process a little less complicated.
The best place to start is by finding out what you need to file and why. If you’re a student, there may be additional forms for you.
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At least two forms deal with student loans and tuition, financial obligations that can be costly and overwhelming. Here is what you should know about 1098 forms and where to find them.
What is a 1098-E form?
The 1098-E form is a student loan interest statement. It states how much interest you paid on student loans in a year. By filing it, you may find out you are eligible for deductions.
A 1098-E must be filled out if you paid at least $600 in student loan interest. If you have made payments to more than one servicer, you must fill out a 1098-E to each servicer that received the minimum interest payment.
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If you did not pay that designated amount during a calendar year, you will not receive a 1098-E form.
How do I get a 1098-E form
In many cases, the loan servicer you pay will send you a 1098-E form. You can also download the form from your servicer’s website.
If you do not know your servicer, you can log in to StudentAid.gov and find the correct contact information. You may also choose to contact the Federal Student Aid Information Center at 1-800-433-3243.
What is a 1098-T form?
The 1098-T form is a tuition statement. It outlines the tuition expenses you paid for college, which may entitle you to an income adjustment or a tax credit. It can be found on IRS.gov.
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