fyllyoTax Forms
Form 1098-E
Student Loan Interest Statement
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Form reference
Before you begin.
Use these notes as a starting point. Check the issuing agency’s current form and instructions for your client’s situation.
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Gather Necessary Information
Before you begin filling out Form 1098-E, make sure you have all the necessary information at your fingertips. This includes the borrower's name, address, and Taxpayer Identification Number (TIN), as well as the lender's details and the total interest paid. Having this information ready will help streamline the process and ensure accuracy.
Details worth checking
Using Incorrect Form Copies
It's crucial to use the correct copy of Form 1098-E for its intended recipient: Copy A for the IRS and Copy B for the borrower. Using the wrong copy can result in processing errors and potential penalties.
Submitting Non-Scannable Forms
Copy A must be scannable and ordered from the IRS for paper submissions. Using non-scannable internet copies can lead to processing delays or rejections by the IRS.
Failure to E-file for 10+ Returns
If you have 10 or more information returns, the IRS mandates electronic filing. Not adhering to this can result in penalties and delays.
Incomplete Recipient/Lender Information
Providing incomplete information for the recipient or lender can cause processing issues and incorrect tax reporting.
Incorrect TIN Entries
Entering an incorrect TIN can lead to identity mismatches and tax reporting errors, affecting the borrower's tax deductions.
Not Ordering Official IRS Forms
Submitting forms not ordered from the IRS can result in rejection due to scanning issues, as only official forms are compatible with IRS equipment.
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