How can I go back and report student loan interest from years past?
I know this is dumb and I should have realized this before now – but I didn’t. So please no lectures.
I have discovered that my student loans have been emailing me (not a hard copy, just an email) a notice about my student loan interest for the past several years (going back to 2003). Some years there is not any at all… but for at least 2 years there is quite a bit (as in, over 1K). I just don’t ever check those emails – I just file them away in a folder and go to make payments when I know a payment is due. I honestly never realized I was supposed to be reporting this kind of thing.
1. How can I fix this?
2. What kind of penalties am I looking at if I go to the IRS to fix this?
3. Why would I be penalized for this? I don’t really understand – I paid it, so why does it matter if I don’t ask for it back?
Any clear and kind responses are welcome.
Thank you.
Thank you Boomer – that is what a 1098E is correct? The interest that I paid?
Tags: back, from, interest, Loan, past, Report, Student, years
Comments (4)
The IRS can only go back 3 years and if they didn’t contact you, there is no issue. While your student loan rep sent you some information, it doesn’t matter at this point.
Additionally, you are talking about a deduction for interest paid. That would be in your favor, not the IRS. If anything, they owe you because you should have deducted that interest as a loss (interest is not income). You cannot be penalized anything for what the IRS owes you.
Since that interest should have been a deduction on your taxes, I would call the IRS and see if you can file an amended return; I don’t know what the time limits are. But, you are owed a refund based on what you said.
The student loan interest deduction is available up to $2500, but phases out at higher income levels ($60-$75000 if single)
You are not required to report this on your taxes. If you report it, it can lower the tax that you owed and result in a refund. If you had no tax liability in the last few years, then there is no benefit to you to add the student loan interest deduction.
You can amend (fix an error) on a tax return for up to three years.
To get a refund, you can file an amended tax return for prior years. Here is a link to the form and instructions.
http://www.irs.gov/pub/irs-pdf/f1040x.pdf
http://www.irs.gov/pub/irs-pdf/i1040x.pdf
1. You fix it by amending your 2006, 2007 and 2008 returns. It’s too late now for years before 2006.
2. There’s no penalty for doing an amendment, and you will get any extra money you’d have gotten if you had done it when you filed originally.
3. no penalty
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