I have several private student loans and this is the first year I'm doing my own taxes. Citibank is one of my lenders. Because the loan is private they require you submit a W-9S form by 12/15/2010 so they can fill out a 1098E form for me. Since I don't think about my taxes until at least January, obviously I missed the deadline. So I call a CSR and they tell me they can send a letter indicating all loan interest I've paid in 2010. Can I still deduct this interest on my taxes? Should I send this letter in with my return to the IRS? Anyone with experience in student loan taxes, your help is greatly appretiated!
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posted: Jan. 5, 2011 @ 9:25a
Yes, send it in to the IRS. As long as you can document it, it's ok.
Senior Member - 1K
posted: Jan. 5, 2011 @ 9:35a
are you still a student?
posted: Jan. 5, 2011 @ 9:48a
@slc39 - awesome, I will do this. Thanks
@dag16 - No longer a student and nobody is claiming me as a dependent.
posted: Jan. 6, 2011 @ 11:26a
If your interest is above $600, they will automatically send you a 1098T.
posted: Jan. 6, 2011 @ 4:06p
Has anyone had the 1098 not match the actual interest charged? Every year the amount on the 1098 is less than just adding up the monthly interest payment (Sallie Mae breaks out monthly pricipal/int amounts)
posted: Jan. 7, 2011 @ 3:28p
I would attach the letter from Citibank to your tax return, just to be extra sure. Send a photocopy, too, not the original. It is so cheesy Citibank can't do better than that for a turn-around time on the form... I have a Citibank loan too. Like we don't pay them enough already.
posted: Jan. 13, 2011 @ 12:24a
myhotrs said: Has anyone had the 1098 not match the actual interest charged? Every year the amount on the 1098 is less than just adding up the monthly interest payment (Sallie Mae breaks out monthly pricipal/int amounts)
Just saw my 1098-E from Sallie Mae which states < $700 in interest paid. Adding up interest paid from monthly statement yields closer to $900. Is it I or Sallie Mae that is mistaken?
posted: Jan. 13, 2011 @ 10:18a
Call Sallie Mae and ask them. They may be doing some weird accounting thing.
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