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Information about Form 1098-E Student Loan Interest

Updated: 1/23/2008
Article ID: 3462

Select a link below to go directly to a topic or read through the document to learn about Form 1098-E.

What is Form 1098-E?

You'll receive Form 1098-E, Student Loan Interest Statement from the lender of your student loan. The purpose of Form 1098-E is to report interest that you paid for the year on your student loan. This interest is deductible. To maintain an accurate record, your lender will also send a copy of this form to the IRS.

It is possible that you may not receive a 1098-E from your lender if the amount of interest you paid was less than $600. You can always contact your lender if you are unsure of how much interest you paid. Remember, if you paid interest on a student loan during the year, you can deduct it.

You'll enter the information that's on your 1098-E into the TurboTax program. Be sure to enter the exact amount(s) that are listed on your Form 1098-E into TurboTax so that you'll receive the appropriate deduction for student loan interest on your income tax return.

Note: You don't need to attach Form 1098-E to your income tax return. The IRS already has a copy on record for you that was sent by your lender.

 

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Where do I enter Form 1098-E into TurboTax?

For TurboTax Basic, Deluxe, or Premier:

  1. Select the Federal Taxes tab, then select Deductions and Credits.
  2. In the Deductions and Credits screen, select the Find Deductions Myself button.
  3. In the Your Deductions and Credits screen, select Education, then select the Start button for Student Loan Interest Paid.

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  1. Follow the on-screen instructions.

For TurboTax Home & Business:

  1. Select the Personal tab, then select Deductions & Credits.
  2. In the Deductions and Credits screen, select the Find Deductions Myself button.
  3. In the Your Deductions and Credits screen, select Education, then select the Start button for Student Loan Interest Paid.
  4. Follow the on-screen instructions.

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