Overview

If you’ve had a loan with Upstart, you may receive a 1099-C or 1098-E tax form, depending on your loan activity. These forms report certain loan-related financial information to the IRS and may affect your tax filing.

This guide explains what each tax form is, who receives them, and how they impact your taxes.

This material is for informational purposes only and not tax advice. For specific tax questions, consult a tax professional.

1. What Is a 1099-C Form? (Cancellation of Debt)

A 1099-C (Cancellation of Debt) is issued when a portion of your loan is forgiven or discharged and the IRS considers the canceled amount taxable income.

Who Receives a 1099-C?

• Borrowers whose outstanding loan balance was canceled, settled, or forgiven.
• If $600 or more of your loan balance was cancelled or forgiven, you may receive a 1099-C from your lender.
  • If you have multiple loans that this applies to, you will receive a separate 1099-C for each loan account.

How Does a 1099-C Affect My Taxes?

• The forgiven loan amount is generally reported as taxable income.
• You may qualify for an exception or exclusion, such as insolvency, which could reduce or eliminate the tax impact.
• If you receive a 1099-C, consult a tax professional to determine how it affects your tax return.

💡 Tip: If you receive a 1099-C but believe the information is incorrect, contact your loan servicer for clarification.

2. What Is a 1098-E Form? (Student Loan Interest Statement)

A 1098-E (Student Loan Interest Statement) is issued to borrowers who paid $600 or more in student loan interest during the tax year. If you have multiple student loans with Upstart, the $600 threshold is based on the total interest paid across all loans.

What Qualifies as a Student Loan for a 1098-E?

Not all loans qualify for student loan interest deductions. To be considered a qualified student loan, your loan must:

• Be issued as part of a federal, state, or school-certified student loan program, or
• Be a loan you certified as being used solely for qualified higher education expenses (such as tuition, fees, and books).
• At Upstart, we require borrowers to sign Form W-9S to confirm their loan meets these qualifications. Without this signed form, we cannot issue a 1098-E for tax purposes.

📌 Tip: If you’re unsure whether your loan qualifies, check your loan agreement or contact your servicer for guidance.

3. Where to Find Your Tax Forms

• Upstart will send tax forms to eligible borrowers by January 31 of the following tax year.
• If you qualify for a 1099-C or 1098-E, you will receive a copy via mail or electronic delivery through your loan servicer.
• If you believe you should have received a tax form but haven’t, check your My Account dashboard or contact customer support.

4. What to Do If You Receive a Tax Form

✔ Review the form carefully – Ensure the details match your loan records.
✔ Consult a tax professional – If you have questions about how the form affects your taxes, seek professional tax advice.
✔ File it with your tax return – If applicable, include the information on your federal tax return.

Next Steps

If you received a 1099-C or 1098-E tax form, make sure to review it for accuracy and include it in your tax filing if needed.