FROM THE OFFICE OF PUBLIC AFFAIRS To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®. September 20, 1997 Treasury and IRS Issue Notice On Reporting The Treasury Department and the Internal Revenue Service today issued a notice relating to information reporting for the deduction of interest paid on qualified education loans. "The notice issued today provides administrative relief to lenders and borrowers," said Acting Assistant Secretary for Tax Policy Greg Jenner. "Penalties will be waived for lenders who need additional time to update their reporting systems. Meanwhile, affected borrowers may use a reasonable method in computing deductible interest." The student loan interest deduction was enacted in 1997, with a complementary reporting provision requiring lenders to report the amounts of interest that borrowers may be able to deduct. Under regulations published in May 2004, lenders are required to report amounts attributable to capitalized interest and loan origination fees as well as all other interest paid on qualified education loans made after
The text of Notice 2004-63 is attached.
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