IRS-1098 E Reporting

You can find the IRS 1098-E Reporting function under the Outbound tab. Use this function when you want to create an extract file to send to the IRS, which contains data on borrower interest, paid during the previous year.

Enter the following information, then click on the Save icon to create the extract file. The extract file will be located in a directory that was set up through the Office Management tab.

Click on the Reset icon to restore the data entry form to its initial (blank) state. Any data that was entered in the form will be erased from the display.

*Field Name*	*Size/Format*	*Required?*	*What to Enter*
STUDENT LOAN INTEREST REPORTING
Report the calendar year	Drop-down list	Yes	Select a year for processing from the drop-down list. The current year will default, but you can select from any of the last five years from the drop-down list.
Limit interest reported to money paid w/i the first 60 months of repayment?	Drop-down list	Yes	This will default to “Yes,” but can be changed using the drop-down list.
FOR 1098-E’S TO BORROWERS
Add 1098-E to Borrower Mail Queue?	Drop-down list	Yes	Option to add the mail item to the borrower's mail queue. This option should always be set to "Yes," unless you are creating a test file. The mail item can be printed from 1098-E Statements option on the Outbound drop-down or from an individual borrowers mail queue.
Limit reporting to those whose interest exceeds $600.00?	Drop-down list	Yes	This will default to “No,” but can be changed using the drop-down list.
FOR THE IRS FILE
Write 1098-E history record for Borrowers?	Drop-down list	Yes	Unless running a test file, this option should be "Yes".
Limit reporting to those whose interest exceeds $600.00?	Drop-down list	Yes	This will default to “No,” but can be changed using the drop-down list.
Sort Borrowers by	Drop-down list	Yes	Choose if you would like the borrowers sorted by SSN or last name on the report.
Is this a Test or Real file?	Drop-down list	Yes	Choose if you would like a Test or Real file created. Both can be sent to the IRS. The Test file will be indicated as such.
Submit as an Original or Replacement file?	Drop-down list	Yes	Indicate if this is the first time you will be sending this file to the IRS (Original), or if you will be sending this file to the IRS to make changes to a previous file (Replacement).
If this is a replacement, what is the name of the original file?		Yes, if a replacement file	Enter the name of the original file sent to the IRS.
Extract File Name		Yes	Enter the name of the file you will be creating, including the directory in which it is located.
Overwrite existing files?	Drop-down list	Yes	This option is used to overwrite the date if there is an existing file of the same name.

To view a sample 1098-E Report, click the following link: 1098-E Report.

To view the file format for the 1098-E extract file, click the following link: 1098-E File Format.