How Do I Use Form 1098-E For My Taxes?
When it comes time to file your taxes, chances are you’re looking for any and all deductions you can legally take. You can use IRS form 1098-E to take a student loan interest deduction. Form 1098-E shows you what you paid in interest to a student loan lender over the year. You should receive one 1098-E from each lender you paid interest to. Add the interest up and use it to reduce your tax liability. Fill out your individual tax return form (form 1040) up to line 22. This amount represents your total income before you make any adjustments. You need this figure to use form 1098-E to calculate your student loan interest deduction. Complete lines 23 through 32 on form 1040. Add these numbers together. Go to line 33–this is where you will put the amount you can deduct for your student loan payments. Instructions are available on page 34 of the instruction manual that comes with form 1040. Add the total interest you paid in the last year. This number is found in box 1 on form 1098-E. If yo
