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IRS: Form 1098 and how to use it with tax returns

Tuition can be expensive for students and their families every year, but there are credits you can claim with the IRS.

cash showing tax credits for student loan interest from the irs

According to Marca, tuition fees rose by 1.6% since last year.

Private school’s tuition fees rose 2.1%.

Those in college should be aware of education credits they can claim to help save them some money.


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IRS and the 1098-E Form explained

The 1098-E form is for interest paid on student loans throughout the year.

The forms are sent by lenders to anyone who paid $600 or more in student loan interest.

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Each servicer you paid more than $600 in interest to will send you their own form.

Many people may not see a form this year due to the payment pause.

Forms are also available to download from your loan servicer’s website.

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IRS and the 1098-T Form explained

This form reports what you paid in tuition for the year.

If you paid a certain amount, you may be entitled to credits.

Students who work can also claim the earned income tax credit.

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