true
TurboTax Live Assisted Basic
File 100% FREE with expert help: Get live help from tax experts, plus a final review before you file — all free.
Simple tax returns only.
See if you qualify. Must file by 3/31.
Get started
Top
  1. TurboTax /
  2. Tax Calculators & Tips /
  3. Tax Tips Guides & Videos /
  4. College and Education /
  5. What is Form 1098-E: Student Loan Interest Statement?

What is Form 1098-E: Student Loan Interest Statement?

Updated for Tax Year 2022 • November 17, 2022 02:20 PM


OVERVIEW

If you paid interest on a qualified student loan, you may be able to deduct some or even all of that interest on your federal income tax return. Student loan companies use IRS Form 1098-E to report how much you paid in interest. Borrowers get a copy of this form, and so does the IRS.


Two people sitting in a well lit window space

Who sends Form 1098-E?

The 1098-E is sent out by loan "servicers"—companies that collect loan payments. Some lenders service their own loans; others hire an outside company to handle it. Loan servicers are required to send a 1098-E to anyone who pays at least $600 in student loan interest, and they generally have to send the forms out by the end of January. If you have outstanding loans with more than one servicer, you may receive multiple 1098-E forms.

If you don’t receive the 1098-E

If you paid less than $600 in interest, you might not get a 1098-E form. If you don't receive a form, the U.S. Department of Education says you should contact your loan servicer to find out how much you paid in interest.

Check for a phone number on statements sent to you by the servicer. The home page of the servicer’s website should also have information about getting a 1098-E, advises the Education Department. If you have an online account with your student loan servicer, you may be able to login and download an interest statement as well.

What you use it for

You use the 1098-E to figure your student loan interest deduction. You can deduct up to $2,500 worth of student loan interest from your taxable income as long as you meet certain conditions:

  • The interest was your legal obligation to pay, not someone else's
  • Your filing status is not married filing separately
  • Neither you nor your spouse, if you’re filing a joint return, is claimed as a dependent on anyone else’s tax return
  • Your income is below the annual limit

Eligibility for the student loan interest deduction is based on your modified adjusted gross income (MAGI). This is a number you calculate when you fill out your tax return. Your deduction is reduced or eliminated at higher income brackets. As of the 2022 tax year:

  • For single taxpayers, the deduction is reduced once you have $70,000 of modified AGI and eliminated at $85,000
  • For married taxpayers, the deduction is reduced at $145,000 of modified AGI and eliminated at $175,000

Let an expert do your taxes for you, start to finish with TurboTax Live Full Service. Or you can get your taxes done right, with experts by your side with TurboTax Live Assisted. File your own taxes with confidence using TurboTax. Just answer simple questions, and we’ll guide you through filing your taxes with confidence. Whichever way you choose, get your maximum refund guaranteed.

Get your max refund

Answer simple questions about your life and TurboTax Free Edition will take care of the rest.

For simple tax returns only
See if you qualify

File 100% FREE with expert help

Get live help from tax experts plus a final review with Live Assisted Basic.

For simple tax returns only.
See if you qualify.
Must file by 3/31.

$89$0*
State included

Looking for more information?