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Form 1098 UT: What You Should Know
If you've already filed for the student loan interest tax deduction for each year, the amounts and deductions you pay are reported separately under separate deductions. If you are unsure which year has the tax-free interest credit, see what form you filed with your 1098-E. The Student Loan Interest Deduction The student loan interest tax credit is the same regardless of whether the loan was for college, trade, vocational, or career training and whether you receive the interest. The credit is equal to the amount of interest on the loan that was not paid by the borrower, is paid at a reduced interest rate (before interest is calculated) and is included as interest paid without the need for an additional deduction on Schedule A. If you are a resident of, or married to, the United States, including Guam, the student loan interest credit on your 1098-E is added to any taxable capital gain. If you qualify under another provision of the tax code, you're not eligible for the student loan interest credit, but you can take a tax credit for the interest or other costs you paid on the loan that were deductible or excluded from gross income.
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