How is the 1098-E amount calculated?
Student loan interest is interest and eligible fees you paid during the year on a qualified student loan. It includes both required and voluntary interest payments. The 1098-E amount provided to you is a reflection of the amount of interest that has been paid during the year on qualified student loans.
For more information, see IRS Pub. 970, and the Student Loan Interest Deduction Worksheet in your Form 1040 instructions. Always consult your tax advisor for individual tax guidance.
Will Wells Fargo mail my Form 1098-E for my student loan(s)?
Yes, if you qualify. You will receive an official Form 1098-E in the mail from Wells Fargo if you have paid at least $100.00 in eligible interest and fees to Wells Fargo within the tax year. Please note that while the IRS only requires 1098-E forms be provided if you have paid at least $600 in eligible interest, Wells Fargo generates 1098-E forms for customers who have paid at least $100 in eligible interest due to customer demand.
If you paid less than $100.00, Wells Fargo will not mail the tax document to you; however, you can find the amount of interest you paid as well as the tax document through Wells Fargo Online. You can also see how much interest you paid on your monthly statement.
If I was mailed a Form 1098-E tax form last year, will I receive a form this year?
It depends. The amount of interest you pay changes from year to year. If you did not pay at least $100.00 in eligible interest and fees during the tax year, you will not automatically receive a form 1098-E through the mail, even if you received one last year. You will receive a 1098-E form through Wells Fargo Online as long as you paid some amount of eligible interest and fees.
Additionally, you can always view the amount of interest you paid during the tax year on your monthly statement.
I have paid less than $100.00 in interest this tax year; can I request a Form 1098-E?
If you have paid any amount of eligible interest and fees during the tax year, a tax document will automatically be located within Wells Fargo Online for you to view and print.
If you have paid less than $100.00 in eligible interest and fees, Wells Fargo will not mail an official document through U.S. Mail. However, you can call to request a Form 1098-E tax form be mailed.
I am a cosigner on a student loan; will I receive my own Form 1098-E documentation?
No, only the primary borrower on a private student loan receives the tax documentation.
I am not the primary borrower on a private student loan but I have been making the payments. Am I eligible to claim the interest paid on my tax return?
This is a question for your tax advisor. Official Form 1098-E tax information is reported under the primary borrower on the student loan account. If you have made payments on a private student loan on behalf of a primary borrower, we are unable to advise you of eligibility to claim this interest paid on your taxes.
If I lose my Form 1098-E, are you able to resend?
Tax documents are located loan with savings account in Wells Fargo Online for you to view and print. Beginning in February each year, you may request a copy of the Form 1098-E be mailed to you. You request this through our automated system at 1-800-658-3567 . Follow the prompts to talk to a customer service representative to request this information or to request a form be mailed. You do not need an actual Form 1098-E to claim the amount paid on your taxes. You can complete this information with your amount paid and the servicer tax identification number 94-1347393.
How do I add my student loan account to Wells Fargo Online, so I can view my tax documents online?
If you are already enrolled in Wells Fargo Online and do not see your student loan account listed, you can add it by clicking on your name in the Welcome box on the top right of the screen, choose Account Settings, and select Add Accounts to see a list of eligible accounts to add.
What tax credits may be available to me?
You or your family may qualify for an education tax credit. Always consult your tax advisor for individual tax guidance.
The Wells Fargo Tax Center and all information provided here are intended as a convenient source of tax information. This information is general in nature, is not complete, and may not apply to your specific situation. You should consult your own tax advisor regarding your tax needs. Wells Fargo makes no warranties and is not responsible for your use of this information or for any errors or inaccuracies resulting from your use.