How to Fill Out IRS Form 1098
IRS Form 1098, entitled "Mortgage Interest Statement," is sent to persons who paid interest on a mortgage to a lending entity during the previous year. Here's how to fill out the IRS Form 1098 correctly by the recipient/lender before it's sent off to the borrower/taxpayer.
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Instructions
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Call (800) TAX-FORM or visit the IRS online form ordering website (see resources below) to obtain acceptable copies of Form 1098 to send to borrowers/taxpayers. Although Form 1098 is available for viewing online, the e-version of the form is unacceptable to send to taxpayers or the Internal Revenue Service.
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Check the "Void" or "Corrected" box at the top of the 1098 form if applicable. Enter the recipient's/lender's name, address and telephone number in the first box.
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Enter the recipient's Federal identification number and the payer's Social Security number in the two boxes beneath the first box. Below this, list the payer's/borrower's name, home address (including apartment number), city, state and ZIP code. Enter the account number that is associated with the interest payments.
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Show the amount of interest received from the Borrower in Box 1. This amount includes interest on any type of obligation secured by real property such as mortgages, lines of credit and more. In Box 2, list any points paid by the borrower when his principal residence was originally purchased.
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Note any refund of overpaid interest to the borrower in Box 3. In Box 4, show any mortgage insurance premiums the borrower paid that may qualify to be deductible mortgage interest. List any necessary additional information in Box 5, such as real estate taxes, the address of the property securing the debt or insurance paid from escrow.
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File Form 1098 with the IRS; also send a copy to the borrower or taxpayer. Check the IRS official website for specific instructions as to the filing deadline for Form 1098; it changes annually.
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