Federally Mandated Reporting/Disclosure Form

Program Title and Description:

Internal Revenue Service Form 1098-E
Information about interest payments received on qualified education loans totaling $600 or more from a single payor (borrower) during a calendar year

Who is Responsible for Reporting?

Primary Contact
Jan Lewis, Director of Accounting-University, Financial Services
Office – CARR113
Phone – (417) 836-4563
Email – djc416t@missouristate.edu

Secondary Contact(s)
Deanne Accounting Manager, Financial Services
Office – CARR113
Phone – (417) 836-4562
Email – rdh408t@missouristate.edu

Where is Report Physically Located?

CARR113 – individual forms would have to be typed, but information is available

What Should be Reported?

To the IRS and borrowers:
Information about borrowers who made payments of interest totaling $600 or more during the calendar year on loans in the first 60 months of repayment:

1. name, address & taxpayer identification number (TIN) of the lender 
2. name, address & TIN of borrower
3. the aggregate amount of interest payments received during the calendar year for the borrower
4. any other information required by Form 1098-E and its instructions

In addition, the following information must be furnished to borrowers:

1. a legend that identifies the statement as important tax information that is being furnished to the IRS.
2. Instructions that the borrower may not be eligible to deduct the full amount of interest reported on the statement
3. a statement that interest payments are deductible only during the first 60 months that interest payments are required
4. a statement that for loans made prior to Jan. 1, 2002, for which the lender does not report payments of interest other than stated interest, the borrower bay be able to deduct additional amounts not reported on the statement, such as certain loan origination fees and capitalized interest
5. a statement that the borrower should refer to relevant IRS forms and publications for explanations relating to the eligibility requirements for and calculation of any student loan interest deduction
6. name, address, and telephone number of the individual who is the information contact for the institution.

When Should it be Reported?

To the IRS - Forms must be filed on or before February 28 (March 31, if filed electronically) of the year following the calendar year in which interest payments were received.

To student – Forms must be furnished to borrowers on or before January 31 of the year following the calendar year in which payments of interest on a qualified education loan were received.

Where is it to be Reported?

To the IRS and to borrowers

Why Should it be Reported?

Penalties as high as $50 per form with a maximum of $250,000 could be assessed by the IRS if the forms are not filed according the regulations.

How is it Reported?

The forms must be filed with the IRS on magnetic media

Statements to borrowers must be sent to their last known addresses.

If notification is required, how is it reported?

N/A