If you have student loan debt, you’ve likely encountered Form 1098-E. This document is used by lenders to report how much interest borrowers paid annually. These interest payments can be deductible on federal tax returns, which makes it especially important for lenders to complete, file, and distribute Form 1098-E.
If you work for a financial institution that provides student loans, and if any lender has paid at least $600 in interest during the tax year, you will need to deal with this form. Luckily, Form 1098-E is very simple. The only data it requires is personal information for both the borrower and the recipient, as well as the student loan interest received by the lender.
While this form is easy to fill out, you’ll almost never need to distribute just one Form 1098-E. You’ll likely be dealing with hundreds or thousands of these forms, depending on the size of your financial institution and the number of loans provided. This makes manual entry and mailing impossible. The only way to quickly, easily, and accurately distribute Form 1098-E is to have a semi-automated software product. Advanced Micro Solutions (AMS) can help.
What You Need to Know About Form 1098-E
The instructions for Form 1098-E are often tied to Form 1098-T, which is the Tuition Statement form. If you work for a college or university, you may also deal frequently with this form. The process for completing both is very similar, but there are a few important differences. The only student loans able to be reported for 2020 must be subsidized, guaranteed, financed, or otherwise treated as a student load under a program of the federal state, or local government, or of the educational institution. In other words, if your small retail business provides a small loan to an employee to be used for school expenses, this form does not apply. Additionally, the loan must be certified by the borrower as a debt incurred solely to pay for qualified higher education expenses. Form W-9S may be used to obtain this certification.
Software Support for 1098-E Form
If your business, organization, or institution distributes Form 1098-E, there is likely a huge need for additional form support. These forms are often distributed by the thousands, and most necessitate accompanying forms, like the 1098-T and W-9S. This points to a greater need for software support. If this describes your situation, Advanced Micro Solutions has the tools to help.
W2 - 1099 Forms Filer Pricing
|AMS W2 & 1099 Software|
|Price $79 Order Here!|
First, our W2 and 1099 Software has the tools you need to complete most education-related filings. You’ll receive a wide range of essential filing support, data management, and access to add-on modules to create a custom software package. We have a curated catalog of comprehensive and cost-effective software solutions to help with all your education-related filing needs.
- W2/1099 Forms Filer (required purchase) – $79
- Payroll Module – $129
- E-File Direct – $149
- Affordable Care Act Filer – $79
- 1042-S Filer – $79
- Software-Generated Forms – $79
- Forms Filer Plus – $49
No matter your education-related filing needs, whether they include Form 1098-E or Form 1098-T, AMS has the support products you need to have a fast and stress-free experience.