How is the 1098-E amount calculated?
Student loan interest is interest and eligible fees you paid during the year on a qualified student loan. It includes both required and voluntary interest payments. The 1098-E amount provided to you is a reflection of the amount of interest that has been paid during the year on qualified student loans.
For more information, see IRS Pub https://www.yourloansllc.com/800-dollar-loan. 970, and the Student Loan Interest Deduction Worksheet in your Form 1040 instructions. Always consult your tax advisor for individual tax guidance.
Will Wells Fargo mail my Form 1098-E for my student loan(s)?
Yes, if you qualify. You will receive an official Form 1098-E in the mail from Wells Fargo if you have paid at least $100.00 in eligible interest and fees to Wells Fargo within the tax year. Please note that while the IRS only requires 1098-E forms be provided if you have paid at least $600 in eligible interest, Wells Fargo generates 1098-E forms for customers who have paid at least $100 in eligible interest due to customer demand.
If you paid less than $100.00, Wells Fargo will not mail the tax document to you; however, you can find the amount of interest you paid as well as the tax document through Wells Fargo Online. Continue reading