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Get the free 2021 Form 1098-E. Student Loan Interest Statement
Attention: Copy A of this form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. The official printed version of Copy A of this IRS form is scannable,
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Form W-9S, Request for Student's or Borrower's Taxpayer Identification Number and Certification, to obtain the student's or borrower's name, address, taxpayer identification number and student loan certification. Form 1098-E, Student Loan Interest Statement, if you receive student loan interest of $600 or more from an individual during the year in the course of your trade or business. For the latest information about developments related to Forms 1099-E and 1098T and their instructions, such as legislation enacted after they were published, go to IRS.gov/Form1098E.
Music welcome to the college investor Auto Show when we talk about the biggest issues impacting millennial life from super long dead to side hustles to the building well show you how to get out of debt so that you can build real wealth for the future hey guys its Robert from the college investor here, and today we are going to start diving into some deeper tax topics and were gonna start with a 1098 e oh boy what is a 1098 a and this is for people that have student loan debt and this is your student loan interest statement and were going to dive in and talk about what matters why you should care about it and what to look for because right now I have gotten more tax questions than ever before because in the wake of the new tax reform bill many people with debt are starting to wonder whether they're gonna even be able to take the student loan interest deduction next year and the answer for the most part is yes people will still get their 1098, and they will still qualify for the student loan interest deduction but there might be some cases where you don't but if you have significant student loan debt this deduction could yield you a few hundred dollars in savings on your taxes so first off how did the tax reform bill affect the student loan interest deduction and for a long time it seemed that the student loan interest deduction was going to be eliminated however the final bill the student loan interest deduction remained intact it skated through and this means that borrowers can take an above-the-line deduction on student loan interest payments next year unlike most tax deductions you don't have to Ida Size your taxes to take the student loan interest deduction that's what it means by above the line that means even if you get the higher standard deduction you still might qualify for the student loan interest deduction in 2018 so who qualifies well to take the student loan interest deduction you must pay at least 600 in student loan interest in 2018 if you're struggling with student loan debt that's probably not very hard, but you can only deduct a max of 2500 in interest paid and so the deduction is an adjustment on your gross income so if you paid 2500 in interest, and you earn 60000 you will pay taxes on a fifty-seven thousand five hundred dollars do you see how that works it takes twenty-five hundred dollars off your income for the purposes of the deduction it doesn't matter whether your interest is paid on federal loans or private loans both of them qualify for the deduction and the deduction will go to the person who is legally required to pay the student loan interest that means if you are a student borrower it's your interest deduction and if you're a parent borrower if you've got a Parent PLUS loan your parent the parent gets the deduction mere borrowers must opt to file their taxes as married filing jointly if they want to qualify for the deduction so realize if you file married filing separately because maybe you are doing things like...