Instructions For Forms 1098-E And 1098-T - 2014 (Page 2 of 4) in pdf

Box 1. Student Loan Interest Received by

Certified by the borrower as a student loan incurred

solely to pay qualified higher education expenses. You

Lender

may use Form W-9S to obtain the certification.

Enter the interest you received on a student loan(s) during

Revolving accounts. Report interest paid on revolving

the calendar year. For loans made on or after September

accounts, such as credit card accounts, only if the

1, 2004, you are required to include in box 1 payments of

borrower certifies that all the loan proceeds are solely

interest as described in Regulations section 1.221-1(f).

used to pay qualified higher education expenses. You do

Under that regulation, interest includes capitalized interest

not have to verify the borrower's actual use of the funds.

and loan origination fees that represent charges for the

Do not report interest on mixed use loans.

use or forbearance of money. See Regulations section

1.221-1(f).

Loans under qualified plans. Do not report interest on

loans made under a qualified employer plan, as defined in

Box 2. Checkbox

section 72(p)(4), or under a contract purchased under a

Check this box if loan origination fees and/or capitalized

qualified employer plan within the meaning of section

interest are not reported in box 1 for loans made before

72(p)(5).

September 1, 2004.

Additional information. For more information about

reporting student loan interest, see Regulations section

Specific Instructions for Form 1098-T

1.6050S-3.

File Form 1098-T, Tuition Statement, if you are an eligible

Statements to borrowers. If you are required to file

educational institution. You must file for each student you

Form 1098-E, you must provide a statement or acceptable

enroll and for whom a reportable transaction is made.

substitute, on paper or electronically, to the borrower. For

Also, if you are an insurer, file Form 1098-T for each

more information about the requirements to furnish a

individual to whom you made reimbursements or refunds

statement to the borrower, see part M in the 2014 General

of qualified tuition and related expenses.

Instructions for Certain Information Returns.

Exceptions. You do not have to file Form 1098-T or

Electronic delivery of Form 1098-E. Educational

furnish a statement for:

institutions, insurers, and lenders may present the option

Courses for which no academic credit is offered, even if

to consent to receive Form 1098-E electronically as part of

the student is otherwise enrolled in a degree program;

a global “Consent To Do Business Electronically,”

Nonresident alien students, unless requested by the

combining consent for electronic delivery of Form 1098-E

student;

along with other institutional student business functions

Students whose qualified tuition and related expenses

such as admissions, registration, billings, and direct

are entirely waived or paid entirely with scholarships; and

deposits.

Students for whom you do not maintain a separate

The global consent process must meet all the consent,

financial account and whose qualified tuition and related

disclosure, format, notice, and access period

expenses are covered by a formal billing arrangement

requirements for electronic furnishing of Forms 1098-E in

between an institution and the student's employer or a

accordance with the applicable regulations. For more

governmental entity, such as the Department of Veterans

information about the requirements to furnish a statement

Affairs or the Department of Defense.

to each student, see part M in the 2014 General

Instructions for Certain Information Returns.

Who must file. You must file Form 1098-T if you are an

eligible educational institution. An eligible educational

Truncating borrower’s identification number on pa-

institution that is a governmental unit, or an agency or

per payee statements. Pursuant to proposed

instrumentality of a governmental unit, is subject to the

regulations § 301.6109-4 (REG-148873-09), all filers of

reporting requirements of Form 1098-T. A designated

Form 1098-E may truncate a borrower's identification

officer or employee of the governmental entity must satisfy

number (social security number (SSN), individual

the reporting requirements of Form 1098-T.

taxpayer identification number (ITIN), or adoption

Eligible educational institutions may choose to report

taxpayer identification number (ATIN)) on payee

payments received, or amounts billed, for qualified tuition

statements. See part M in the 2014 General Instructions

and related expenses. The eligible educational institution

for Certain Information Returns.

must use the same reporting method for all calendar years

Recipient's/lender's name, address, and telephone

unless the IRS grants permission to change the reporting

number box. Enter the name, address, and telephone

method. For information on how to obtain automatic

number of the filer of Form 1098-E. Use this same name

consent to change your reporting method, see the

and address on Form 1096, Annual Summary and

instructions for box 3, later.

Transmittal of U.S. Information Returns.

If another person receives or collects payments of

Account number. The account number is required if

qualified tuition and related expenses on your behalf, the

you have multiple accounts for a recipient for whom you

other person must file Form 1098-T. However, if the other

are filing more than one Form 1098-E. Additionally, the

person does not possess the information necessary to

IRS encourages you to designate an account number for

comply with the reporting requirements of Form 1098-T,

all Forms 1098-E that you file. See part L in the 2014

then you must satisfy the reporting requirements of Form

General Instructions for Certain Information Returns.

1098-T.

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Instructions for Forms 1098-E and 1098-T (2014)

Instructions For Forms 1098-E And 1098-T - 2014 Page 2

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