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How do I enter two separate 1098-E forms?

LGSeregant

I received two separate 1098-E forms for my students loans (one for my private and one for my federal) and I can't figure out how to enter them both. For the 1098-E section, all it says is "did you receive a 1098-E" y/n and then asks for the total amount of interest. There is no option to add another form.

Thank you

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Accepted answers

RustyL

Hi LGSergeant,

You aren't able to enter your student loan interest form by form in the software. Instead, you'll need to add the interest paid from each form together and then enter the total on the page you mentioned.

Henry

https://community.freetaxusa.com/discussion/comment/4055#Comment_4055

No worries! I think the confusion may have come from the Form 1098-E instructions. It says there that you should file this form if you received student loan interest of $600 or more from an individual during the year.

Those instructions are directed to the entity that holds the loan and receives interest from the student—any financial institution, governmental unit, educational institution, or any other person who receives student loan interest. They refer to when Form 1098-E is required to be provided to payers of student loan interest.

As the payer of the student loan interest, the $600 limit does not apply to your ability to claim the interest you paid. Those who don't pay $600 or more and don't receive a 1098-E can still claim the interest they paid. They would just need to contact their loan servicer for the amount of interest they paid during the year.

All comments

RustyL

Hi LGSergeant,

LGSeregant

https://community.freetaxusa.com/discussion/comment/4038#Comment_4038

Thank you! If one of my 1098-Es is less than $600, should I still add the two or would I omit that one entirely?

JMSSGV

Not sure why you're asking that question. What's the significance of "$600"? Your student loan interest deduction is limited to the lesser of $2,500 or the amount you actually paid.

LGSeregant

https://community.freetaxusa.com/discussion/comment/4054#Comment_4054

I think I must have misunderstood something I read. I thought you could only file the 1098-E if you paid $600 or more in interest and I didn’t know if that was cumulative if you had two forms but it sounds like that’s not correct. Thanks

Henry

https://community.freetaxusa.com/discussion/comment/4055#Comment_4055

LGSeregant

https://community.freetaxusa.com/discussion/comment/4056#Comment_4056

Thank you! That is very helpful to know.

.cphi0lmv

https://community.freetaxusa.com/discussion/comment/4056#Comment_4056

how do I file this on there? I assumed it would be under deductions but which section of deductions?

KeriC

Cphil0mv,

The menu path in the software is "Deductions/Credits" > "Student Loan Interest (1098-E)". It will be under the "Common Deductions/Credits" heading.

chw789

@KeriC, the "Student Loan Interest (1098-E)" option is not showing up for me in the Deductions/Credits section, is there something I am doing wrong? Or a reason why it isn't showing up? Thank you in advance!

Edit - I have found the section, apologies thank you for your expertise.

ecar2

https://community.freetaxusa.com/discussion/comment/4955#Comment_4955

Hi! Would you mind sharing how you found it? Thank you!

KeriC

https://community.freetaxusa.com/discussion/comment/5319#Comment_5319

The specific menu path to enter your student loan interest is:

Deductions/Credits > Common Deductions/Credits > Student Loan Interest (1098-E)