Do not download, print, and file Copy A with the IRS. Copy A appears in red, similar to the official IRS form, but is for informational purposes only. Because paper forms are scanned during processing, you cannot file Forms 1096, 1098, 1099, or 5498 that you download and print. A person (including a financial institution, a governmental unit, and an educational institution) that receives interest payments of $600 or more during the year on one or more qualified student loans must furnish this statement to you. You may be able to deduct student loan interest that you actually paid in 2005 on your income tax return. However, you may not be able to deduct the full amount of interest reported on this statement. Do not contact the recipient/lender for explanations of the requirements for (and how to figure) any allowable deduction for the interest paid. Furnish Copy B of this form to the borrower by January 31, 2006. File Copy A of this form with the IRS by February 28, 2006 (March 31, 2006, if filed electronically). |