File 1098-E Online
File your student loan interest forms with E-File Workforce Payroll to experience the best filing experience.
What is 1098-E?
The 1098-E form is specifically for students who take loans for higher education and pay interest on that loan. Any amount paid in interest with a maximum of $2,500 can be deducted when filing taxes.
Tax Deduction Criteria for 1098-E:
As we know, the 1098-E is for students who take responsibility for their education and pay interest on education loans. So, here are the criteria for these tax deductibles:
- You must be paying interest on a qualified student loan, obviously.
- You are legally obligated to pay interest on the loan.
- Filing status must not be married filing separately.
- You and your spouse (if married) should not be claimed as dependent on someone’s tax documents.
- Your income must fall under MAGI (Modified Adjusted Gross Income) by the IRS.
Note: Criteria are taken from the IRS’s official website. Please refer to the primary source for updated information.
Process of Filing Via E-File Workforce Payroll:
Filing through our E-Filing platform is very intuitive and fast. Generally, you won’t need any step-by-step guides once you log in.
- Make an account on E-File Workforce Payroll by providing the necessary details.
- Login to your account and click on files from the left menu.
- From the drop-down menu, choose “Start New Filing.” Select the filing year and form.
- A form will appear on the screen. Provide all the details and submit.
There you have it! Your file is submitted, and you can repeat this process for multiple forms.
1098-E Submission Due Date:
1098-E is submitted on a yearly basis. That means if you had paid more than $600 in a tax year, you can file it. Below are the details about when you get it and when to file:
- You must receive your 1098-E before the end of January. The deadline is January 31.
- Paper filing should be submitted before February 28.
- E-filings can be submitted till March 31.
It is better to submit your 1098-E through e-filing, as the IRS appreciates Form 1098 online filing. Further, it will be much easier to file through an online platform.
Have Questions?
Simpler than you think!
Need Help? (Frequently Asked Questions):
Both forms are from the same category and are used for tax benefits. However, these are different in terms of usage. Form 1098-E is for students who get loans from qualified student loan providers, and Form 1098-T is for students who pay tuition fees and get tax credits for them.
You will get it from your student loan provider. It will be mailed to you or sent online. Generally, you will get it in January. However, if you haven’t got yours, you can contact the loan provider.
The information for 1098-E goes on schedule 1 (form 1040). The information is then verified from the submitted copy of 1098-E.
If you applied for a student loan online, the 1098-E will be sent to you via email. You can also download it from the provided portal. If you haven’t received it before January 31, contact your loan provider. Don’t file your taxes without this form if you have paid more than $600 in student loan interest. Filing 1098-E can save you a lot on taxes.
Form 1098-E, officially titled “Student Loan Interest Statement,” is a tax form that reports the amount of interest you paid on your student loans during the tax year. It’s a crucial document for claiming the student loan interest deduction, a tax benefit that can reduce your taxable income.
Testimonial
E-file Workforce Payroll is secure and efficient, and it allows me to easily access and submit multiple payroll forms with features like IP restriction and multi-user access for my team. It’s also been a big help in ensuring accuracy, as I can easily file corrected and void forms whenever necessary.
Highly Recommended!
Business Owner
If you seek the most reliable and affordable e-filing platform, we ensure only a few can match the standards and rates set by E-File Workforce Payroll. They are experienced, informed, professional accountants and web developers who understand the US payroll form filing system and comprehensively fulfil all professional accountants’ requirements.
Alastair BrookManager
Today is a challenging world. With a conventional tax form filing system, it has not been possible for my firm to deal with multiple employees. While exploring top-ranked e-filing applications, I found them inefficient. So, I chose cloud-based E-File Workforce Payroll. This application is efficient and user-friendly. More importantly, I can manage my employees’ payroll even on my vacations.
Highly Recommended!
Business Owner
