Instructions For Forms 1098-E And 1098-T - 2014

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2014
Department of the Treasury
Internal Revenue Service
Instructions for Forms
1098-E and 1098-T
Student Loan Interest Statement and Tuition Statement
Section references are to the Internal Revenue Code
Form W-9S if the Internal Revenue Service requests it.
unless otherwise noted.
Also, if an electronic Form W-9S is used to obtain the
Future Developments
borrower's certification that all the loan proceeds are used
solely to pay qualified higher education expenses, your
For the latest information about developments related to
electronic system must require, as the final entry in the
Forms 1098-E and 1098-T and their instructions, such as
submission, an electronic signature by the borrower
legislation enacted after they were published, go to
whose name is on Form W-9S. The signature
or
authenticates and verifies the submission. See
Reminders
Announcement 98-27, which is on page 30 of Internal
Revenue Bulletin 1998-15 at
General instructions. In addition to these specific
irb98-15.pdf.
instructions, you should also use the 2014 General
Electronic reporting. For Forms 1098-E and 1098-T,
Instructions for Certain Information Returns. Those
you must file electronically if you are required to file 250 or
general instructions include information about the
more returns. See part F in the 2014 General Instructions
following topics.
for Certain Information Returns for more information.
Who must file (nominee/middleman).
When and where to file.
Penalties. For Forms 1098-E and 1098-T, penalties may
Electronic reporting requirements.
be imposed for failure to file or failure to furnish correct
forms. However, under certain circumstances, the
Corrected and void returns.
penalties may be waived. See part O in the 2014 General
Statements to recipients.
Instructions for Certain Information Returns for more
Taxpayer identification numbers.
information.
Backup withholding.
Penalties.
Specific Instructions for Form 1098-E
Other general topics.
You can get the general instructions at
File Form 1098-E, Student Loan Interest Statement, if you
form1098e
or
form1098t
or by calling
receive student loan interest of $600 or more from an
1-800-TAX-FORM (1-800-829-3676).
individual during the year in the course of your trade or
business.
Form W-9S. You may use Form W-9S, Request for
Student's or Borrower's Taxpayer Identification Number
The $600 threshold applies to each borrower
and Certification, to obtain the student's or borrower's
regardless of the number of student loans obtained by
name, address, taxpayer identification number, and
that borrower. However, you may file a separate Form
student loan certification to be used when filing Form
1098-E for each student loan of the borrower, or you may
1098-E or 1098-T. Use of Form W-9S is optional; you may
file one Form 1098-E for the interest from all student loans
collect the information using your own forms, such as
of the borrower.
admission or enrollment forms, or financial aid
applications. You may collect the student's or borrower's
Who must file. File Form 1098-E if you are a financial
information on paper or electronically.
institution, governmental unit (or any of its subsidiary
agencies), educational institution, or any other person
Electronic submission of Form W-9S. An
who receives student loan interest of $600 or more from
educational institution, insurer, or lender may establish a
an individual during the year in the course of your trade or
system for students and borrowers to submit Form W-9S
business.
electronically, including by fax. Generally, the electronic
system must:
If more than one person has a connection with the loan,
only the first person to receive the interest payment must
1. Ensure the information received is the information
file Form 1098-E. For example, a loan service or collection
sent and document all occasions of user access that
agent receiving payments on behalf of the lender must
result in the submission,
file.
2. Make reasonably certain the person accessing the
system and submitting the form is the person identified on
Qualified student loan. To be reportable for 2014, a
Form W-9S,
student loan must be either:
Subsidized, guaranteed, financed, or otherwise treated
3. Provide you with the same information as the paper
as a student loan under a program of the Federal, state, or
Form W-9S, and
local government, or of a postsecondary educational
4. Be able to supply a hard copy of the electronic
institution, or
Oct 03, 2013
Cat. No. 27990J

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