Build Your Own Arcade Controls Forum
Main => Everything Else => Topic started by: DrewKaree on March 22, 2007, 04:05:19 am
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The wife got a 1098-E for her student loans. Do I need to fill out the 198-E form for the IRS and send that in with our return, or is it another one of those "fill the amount in and go on about your business" types of deductions?
The directions only speak of a form 970 and that's only if I'm filing certain forms, which I'm not.
Anyone? Shmokes, I'm thinking you should have had to deal with this for a few years now, what's the dealyo?
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This is a hilarious coincidence, but I live on top of an H & R Block. My landlord owns/runs an H & R Block and I am good friends with his niece and various people who have been employed there over the last seven years or so, including my wife for a few years. So I haven't had to do my taxes or even pay to have them done for me in ages. I have absolutely no idea ;D I'll ask my wife, who was never a tax preparer, but still knows a fair amount, and if she doesn't know I'll ask my tax preparer friend who currently does my taxes in exchange for a six-pack of beer and computer help when he needs it.
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:woot
From everything I'm seeing, the form is for the lender, but obviously I don't wanna be hauled in for an audit six years down the road and find out I screwed something up and now I owe eleventy brazillion dollars in back taxes and interest.
It's been 13 years since I did tax preparation work, and even with doing my own over the years, obviously things change and some stuff I'd never even have to deal with. This is the first year I had to worry about THIS little nugget, so thanks!
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By the way, don't forget to claim the phone thing. The IRS ruled, or a court ruled, that a long distance phone tax the IRS has been charging for decades was illegal. Everyone gets an automatic $60 back just by checking a box or something. Some people can get even more, but it takes work and research. I heard an NPR interview with an IRS guy a month or so ago who said that only about 50% of returns were claiming it, though every single American qualifies for it. He said the really bizarre thing about it is that many (it might have even been most) were prepared by professionals at places like H & R Block.
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I've got fistfuls of paperwork for this year ::)
The wife is a saver of stuff so I'm one who actually has all their bills from whatever the period is, so I was gonna go back and check it out. Apparently if you got hosed out of more than $60 and can prove it (with your bills, obviously), you can claim the actual amount. Dunno if it's more, but it's nothing more than a few minutes adding it up, so what the hey.
I also happen to be one of the folks in WI who had their social security numbers printed right on the outside of the booklet they mail you ::) So I get more paperwork to fill out in the hopes that some asshat didn't copy that down and will simply wait out the year my state is giving us for free monitoring. Woo-freakin-hoo, a whole year :angry:
This year is the most time I've had to spend filling these out that I can remember, and it's only because of 2 things. You'll be happy you had that little deduction this year ;)
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I've been taking the student loan interest deduction for both myself and my wife for years. You don't have to send the 1098-E in, or at least I never have, but you do need to have it for your records in case of an audit. You should have one of those forms for every student loan account.
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I heard about some idiots (we're talking individuals, not businesses) out there that claimed ridiculous amounts, like up to $50,000, for that phone credit. Talk about instant audit...
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And likely jail time for fraud. You've got to believe the IRS has a database trigger on that very deduction. Anomalies used to be really hard to find so people got away with them... nowadays, a decent search algorithm picks up so many so fast that the issue is a lack of auditors, not data.
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Heh - database trigger... you must have some programming background. Not exactly a blue-collar concept. :)
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Yes, that would be the case. :) Quite a bit of it.
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By chance, have they installed some custom database triggers on this board for you? I wonder sometimes how you keep up with so many different conversations so quickly. I envision you "working" in one of those NASA-like rooms with a few dozen monitors on the wall... ;D
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By chance, have they installed some custom database triggers on this board for you? I wonder sometimes how you keep up with so many different conversations so quickly. I envision you "working" in one of those NASA-like rooms with a few dozen monitors on the wall... ;D
RSS.
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I don't believe it for a minute. I think ChadTower is actually the name of a consortium of like-minded members. You must have some software to ensure no double-posting.
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Stop thinking about my member.
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I've been taking the student loan interest deduction for both myself and my wife for years. You don't have to send the 1098-E in, or at least I never have, but you do need to have it for your records in case of an audit. You should have one of those forms for every student loan account.
Gotcha. When I checked out the form on the IRS site, it looked nothing like what they sent with me, but every last bit of information that's needed on it was there - really just a typed out letter.
I know it's their version of a 1098-E because it's typed on there, and when I called 'em up to find out what the heck it was (and never mentioned a 1098-E), they told me that's what it was and was sent to me "in case you can deduct that from your taxes".
Who COULDN'T deduct that from their taxes, as it seems the only way they can send it out is IF every stipulation is met? Any way it works, we're eligible to take it, and that helped out a ton!
Thanks Chad
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No problem. The "1098-E" I get is usually just printed in the middle of a monthly account statement.