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Student Loan Form

Marlene Said:

What do I do with a 1098-E Form (Student Loan Interest Statement) if I do not plan to file taxes?

We Answered:

The only person that can claim the interest is the person that is on the form.

Jacob Said:

Can I claim the standard deduction/personal exemption and student loan interest on the same form?

We Answered:

They all go on various places on the 1040 form.

Student loan interest on page 1, standard deduction/personal exemption on page 2, and FSA not at all (should have been accounted for from your W-2)

Arnold Said:

Why is Turbo Tax not letting me enter 1099-C form regarding student loan credit?

We Answered:

Looks like Turbotax goofed on this one!

I'm adding mine under the the Other Miscellaneous Income section (where the 1099c option is ) and check "other reportable income".

then click 'yes' and descibe it as 1099C and enter in the total.

It looks like it will work out ok that way.

On the 1040 form, you have to add the 1099c to line number 24 which is entitled "Other Misc Income". Looks like it will be the same thing when it prints out.

Make sure to return your turbotax box with the receipt to the address listed on the box, and explain that you were not completely satisfied, and they will give you your money back. I've done this 3 years in a row. *off the record* Hell, i'm a capitalist!

Ray Said:

student loan form asks for one parent? (UK)?

We Answered: - it provides some tips about applying to US federal and state grants for college students.

Deanna Said:

What is the average maximum amount a student can expect form a student loan?

We Answered:

The maximum amount is determined by your year in school, after that amount is reached you can get private loans. Talk to someone in your financial aid office.

Beatrice Said:

Do I need to use the 1098E form (student loan interest received by lender) when filing my taxes?

We Answered:

Nope! You just need to know the amounts paid, and if you're E-filing you probably need to know the lenders EIN. There's a good chance you get get both online from the company, if not it should all just be a phone call away.

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