Do I have to report payments that I make on a student loan to the IRS?
I have a student loan that's up for repayment. When I start making payments do I need to report it to the IRS?
- BobbieLv 78 years agoFavorite Answer
No BUT once you do start making the payment amounts the interest the you do pay when it is a qualified school will be deductible as and adjustment to your total income on your 1040 income tax return during the tax filing season for that tax year and this will REDUCE your AGI down and will result in reducing your TAXABLE income and then also reduce your FIT liability on the page 2 of your 1040 income tax returns lines 43 and 44 for this purpose and time in your life.
Form 1098-E: Student Loan Interest Statement is the information return on which financial establishments, government agencies, and educational institutions that receive student loan payments are required to report to the Internal Revenue Service. The form is used for claiming the Student Loan Interest Deduction,
Hope that you find the above enclosed information useful. 04/06/2013
- 4 years ago
you will would desire to report an amended 2005 return. check out your 2005 return and notice if 60 would even substitute the final analysis. looks like the holder of your student own loan would have had a audit that found an blunders on your 1098T
- JudyLv 78 years ago
No, but interest on a student loan is deductible so you'll want to report that.
- troLv 78 years ago
at year's end you will get a 1098 telling you the amount of interest paid on that loan that you can use as a credit
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- acmeravenLv 78 years ago
- HDLv 78 years ago