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Thread: Student Loan Tax Question

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    #1

    Student Loan Tax Question

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    Okay this is a long shot but I thought I would ask here because I may not have time to call the customer service while they are open in the next couple of days. I received two 1098-E's stating that I paid X amount of interest on my student loans in 2013.
    Well I haven't started paying on my loans yet and I am wondering if I am suppose to add this to my taxes or not. I consolidated my loans at the end of the year and I think that the company I consolidated with pays the interest and I just owe it back to them. So is that why I have received these 1098-E's? And if so what do I do with them? Claim them on my taxes or not?

    If anyone could help I would appreciate it. Thanks.
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    #3
    you can only claim the interest on your loans as a deduction, so if you have not started paying them then you can't use them. at least that's my understanding.

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    Which box? There is a box that says corrected next to it. And another that says something about loans before 2004.

    So I should probably just not say anything about them on my taxes right?

    I was just confused why they would send me the forms.
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    you can always drop by H&R block if you have any questions. they've always been more than helpful when i've had questions. they never charged more for anything either.

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    Ok thanks. I am gonna do that tomorrow.
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    #7
    are you sure it is for student loan interest?

    They also give a 1098 when you receive grants and student loans. Its to say you received X amount and used Y amount as tuition.

    The rule of thumb with taxes is.. if you get a form you must claim it.

    On your form, which boxes have the amount in it?

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    I found a link to email the site I do my taxes on last night so I explained the situation and they emailed back early this morning this morning. They said to enter the information. So I went ahead and entered it. I am still a little uneasy about it because I don't want to get in trouble but I saved the email and the 1098-Es so hopefully it will be okay.

    Thanks for everyone'e help
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    #9
    Quote Originally Posted by C8lynSarah View Post
    I found a link to email the site I do my taxes on last night so I explained the situation and they emailed back early this morning this morning. They said to enter the information. So I went ahead and entered it. I am still a little uneasy about it because I don't want to get in trouble but I saved the email and the 1098-Es so hopefully it will be okay.

    Thanks for everyone'e help

    I get it.. its uneasy and weird.. but its better to report it/claim and not need to than to not have claimed it and you were supposed to.

    They have several 1098s for student loans. They may all have different letters on the end (1098-e, 1098-t, etc). Some are for actual interest paid, some are for grants received, some are just information that this is what should have been paid, etc.

    And you are sure you haven't paid anything?

    I know when I had mine, I still paid a certain amount while going to school that was just towards the interest, i wasn't paying back the loan at that point, just the interest.

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    I'd be more uneasy if I didn't report it. If a company prepares a 1098, W2, etc etc... They send that info to the IRS whether you claim it on your taxes or not. If you don't claim it, the IRS can go back and see which individuals didn't report X even though said company says they supplied it and then go back to the taxpayer.

    So whether you file it or not that company has basically put you on notice that they are going to file that amount regarding you in their records to the IRS. That is why companies have to deliver that stuff to people by 1/31, if corrections need to be made then they have February to fix it and reissue

    If you are absolutely certain... Go back to the company and have them correct their records
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