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February 26, 2023
Question

Where do I enter information for a 1098-F

  • February 26, 2023
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2 replies

Employee
February 26, 2023

Do you mean a 1098E for student loan interest?

 

 Enter the interest you paid for your student loan by going to Federal>Deductions and Credits>Education>Student Loan Interest Paid in 2022 (Form 1098E)

 

Only the person whose name is on the student loan and who is legally obligated to pay the loan can deduct the student loan interest. If you co-signed then you are legally obligated to pay if the primary borrower defaults or does not pay.    If you did not sign or co-sign for the loan you cannot deduct the interest.

 

You cannot deduct student loan interest if you are being claimed as someone else’s dependent, or if you are filing as married filing separately.

 

The student loan interest deduction can reduce your taxable income by up to $2500

There is a phaseout for the Student loan interest deduction, which means the amount you can deduct gets reduced when your modified adjusted gross income hits certain income levels and is even eliminated at certain income levels -  

•If your filing status is single, head of household, or qualifying widow(er), then the phaseout begins at $65,000 until $80,000, after which the deduction is eliminated entirely.

•If your filing status is married filing joint, then the phaseout beings at  $130,000 until $160,000, after which the deduction is eliminated entirely.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
February 26, 2023

Under a new federal law, Beginning January 2023, the IRS requires Government entities to send a Form 1098-F to the IRS reporting the amount required to be paid pursuant to a suit, court order (order), or agreement with respect to any violation of a law or the investigation or inquiry into the potential violation of a law.  The governmental entity must also issue a copy of Form 1098-F to the person required to make the payment.  Form 1098-F is for FEDERAL tax informational purposes only. It is not a tax bill.  You do not report it on your tax return.   

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