Hello, that's Heath again from Student Loan Insider. I want to talk today about taxes because they say the only things in life are death and taxes. And with student loans, there are certain tax things you need to remember. So, the thing I will concentrate on right now is the forms for student loans - a 1098-E, 1099-C, and a 1098-T. There are only two that I have to deal with, so let's go ahead and deal with them. The first is a 1098-T. This is the form you receive from your school for related educational expenses. If you have any questions about this form, you should talk to your service or call your school. The second form, 1098-E, is for eligible student loan interest. This can go up to $2,500 and the payments have to be made by the borrower. They cannot be made by a third party company. The payments have to be in your name. Lastly, the 1099-C is for cancellation. Let's say that after 25 years of making payments on an income plan or a disability discharge, you'll actually get a form from the government stating that the debt was cancelled, not forgiven. This does not apply to things like student loan forgiveness for public service. But there is cancellation that you need to include on your income. So, if you get $30,000 in forgiveness and $20,000 in cancellation, you have to claim a $50,000 income. Now, anything I tell you about taxes, I always say check with your accountant and check your accountant's advice with me. But that's the overview of the forms. Do you have any questions? As always, you can contact me at heath@studentloaninsider.org or insider@gmail.com. You can also find me on Facebook at facebook.com/studentloaninsider, Twitter @studentlninsider, or on the web at topstudentloaninsider.com. Thank you so much,...
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