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Reporting Student Loan Interest Payments

FORM 1098-E, STUDENT LOAN INTEREST PAYMENT REPORTING
Code Section 6050S, as added by the Taxpayer Relief Act of 1997, requires the recipients of interest payments that exceed $600 or more and may be deductible as qualified education loan ?student loan? interest to furnish information returns with respect to these payments.  A qualified education loan is a loan used to pay the cost of attendance at an eligible educational institution for a student enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential.    For 1998,  the recipients of the interest payments are required to report interest received only with respect to student loans that have a ?covered period? ending during or after January 1, 1998.

INFORMATION REQUIRED FOR 1998 REPORTING
Payees (including governmental agencies and educational institutions) are required to properly complete a Form 1098-E, Student Loan Interest Payment for all student accounts that contain one or more covered student loans.

For 1998, a properly completed Form 1098-E must include:

1. the name, address, and TIN of the payee;
2. the name, address, and TIN of the payor; and
3. the aggregate amount of interest received during 1998 with respect to the student loans in the account or accounts included on the return.

The Forms 1098-E are required to be sent to the IRS by March 1, 1999.  Any agency or institution that must file 250 or more of these returns must file them magnetically or electronically.

The payee must provide the payor a statement containing the same information as above by February 1, 1999.  IRS Form W-9S can be used to collect the information necessary to provide these forms to the payor.