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Instructions for Forms 1098-E and 1098-T - Introductory Material

Table of Contents

What's New

Loans made before September 1, 2004.   Check box 2 on Form 1098-E if the amount in box 1 does not include loan origination fees and/or capitalized interest.

Reminder

General instructions.   In addition to these specific instructions, you should also use the 2009 General Instructions for Forms 1099, 1098, 3921, 3922, 5498, and W-2G. Those general instructions include information about the following topics.

  • Electronic reporting requirements.

  • Penalties.

  • Who must file (nominee/middleman).

  • When and where to file.

  • Taxpayer identification numbers.

  • Statements to recipients.

  • Corrected and void returns.

  • Other general topics.

  You can get the general instructions from the IRS website at www.irs.gov or by calling 1-800-TAX-FORM (1-800-829-3676).

Form W-9S.   You may use Form W-9S, Request for Student's or Borrower's Taxpayer Identification Number and Certification, to obtain the student's or borrower's name, address, social security number, and student loan certification to be used when filing Form 1098-E or 1098-T. Use of Form W-9S is optional; you may collect the information using your own forms, such as financial aid applications, and procedures. You may collect the student's or borrower's information on paper or electronically.

Electronic submission of Form W-9S.

An educational institution, insurer, or lender may establish a system for students and borrowers to submit Form W-9S electronically, including by fax. Generally, the electronic system must:

  1. Ensure the information received is the information sent and document all occasions of user access that result in the submission,

  2. Make reasonably certain the person accessing the system and submitting the form is the person identified on
    Form W-9S,

  3. Provide you with the same information as the paper
    Form W-9S, and

  4. Be able to supply a hard copy of the electronic
    Form W-9S if the Internal Revenue Service requests it.

Also, if an electronic Form W-9S is used to obtain the borrower's certification that all the loan proceeds are solely used to pay qualified higher education expenses, your electronic system must require, as the final entry in the submission, an electronic signature by the borrower whose name is on Form W-9S. The signature authenticates and verifies the submission. See Announcement 98-27, which is on page 30 of Internal Revenue Bulletin 1998-15 at www.irs.gov/pub/irs-irbs/irb98-15.pdf.

Electronic reporting.   For Forms 1098-E and 1098-T, you must file electronically if you are required to file 250 or more returns. See part F in the 2009 General Instructions for Forms 1099, 1098, 3921, 3922, 5498, and W-2G for more information.

Penalties.   For Forms 1098-E and 1098-T, penalties may be imposed for failure to file or failure to furnish correct forms. However, under certain circumstances, the penalties may be waived. See part O in the 2009 General Instructions for Forms 1099, 1098, 3921, 3922, 5498, and W-2G for more information.

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