Rachele Crews, the number one New York Times bestselling author of the book "Smart Money Smart Kids," co-authored the book with me and my daughter. She is joining us for a couple of segments to discuss the idea of student loans. If you want to join the conversation, please call the phone number triple eight eight two five five two two five. When I started this radio show twenty-five years ago, you were just a tiny baby. The baby boomer generation, of which I am a part at 55 years old, was labeled as self-centered and materialistic. The financial problem associated with this was credit card debt. Credit card debt was the crisis of the day in personal finance, and it was attributed to the baby boomers. People would often say that boomers were self-centered, materialistic, and inauthentic. As a result, we now face a huge credit card debt crisis. Therefore, I began discussing and criticizing credit cards on this show in its early days. It's interesting to have witnessed the changes over the years. We moved on to the Yuppie generation, where yuppies were in the spotlight for a while. Now, the student loan crisis has become a political issue. The cost of education and student loans have become topics of debate in the presidential campaign. However, the blame for this crisis has shifted to the Millennials. It has become almost stereotypical for Millennials to accumulate $100,000 in student loan debt for a degree that may not be usable in the job market, and then feel entitled for it to be paid off. Just as the credit card debt issue was associated with the baby boomers in a negative way, the student loan crisis is now linked to the Millennial generation. I've noticed this a lot while working with Millennials. I...
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1098 E sallie mae Form: What You Should Know
For more information about a 1099, visit 1099.gov. Form 1098-E, Tuition Statement If your interest on student loans is more than 10% of your income, you might be eligible for a deduction. The deduction can be deducted when filing a federal income tax return. Generally, however, only the interest paid by a borrower on a student loan for educational purposes is eligible. Interest on other debt (such as credit card balances), student loan guaranty obligations, and other debts does not qualify for the deduction. Here's How This Works — Your Tax Deductions Form 1098-E is the tax form that reports the amount of interest you pay. The 1098-E does not show the amount of tax you actually paid. It just reports the amount of interest you paid on your student loan during a tax year. Student loan amounts must be reported on the tax form. The deduction also does not apply to a federal Direct Consolidation loan, any Perkins loans, or a Parent PLUS loan. What is deductible: If you are an eligible student borrower on the Sallie Mae student loan servicing program (the loans you signed up for are in this group), you could be eligible for the 1098-E deduction if you paid interest on student loans for educational purposes such as the cost of attendance, the cost of your education, or both. The deduction is usually claimed on your 2024 tax return at the end of September, or the end of the prior tax year, whichever is later. It is not necessarily claimed when the loan is repaid, but the student loan must be paid over to Sallie Mae within 60 days after the due date of the tax return. If you have student loans with more than one Service, you may be eligible for more than one deduction, depending on the loan servicing form you use. Why Is It Important to File a 1098-E? Except tax deductions, most of the tax laws regarding income taxes are the same for those with federal as well as state income tax returns. Therefore, it is important to keep accurate records of income that is subject to federal tax, such as employee tips, commissions, commissions paid to self-employment, and social security and tax withholding.
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