Get Irs 1098 2016

The IRS 1098 form is essential for reporting mortgage interest and related information. This guide provides clear instructions to help you successfully complete the form online, ensuring you adhere to regulatory requirements.

Follow the steps to fill out the IRS 1098 form online effectively.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. In the 'Recipient's/Lender's name' field, enter the complete name of the lender receiving the mortgage interest payments. Include the address, city or town, state or province, country, ZIP or foreign postal code, and telephone number.
3. Input the 'Recipient's/Lender's federal identification number' in the designated box to identify the lender for tax purposes.
4. In the 'Payer's/Borrower's taxpayer identification number' field, enter the borrower's identification number. This is essential for the IRS to track the relationship between payments and obligations.
5. Enter the 'Mortgage interest received from payer(s)/borrower(s)' amount in Box 1. This includes all interest paid within the tax year.
6. For Box 2, report the 'Outstanding mortgage principal as of January 1 of the current year.' This indicates the balance of the mortgage that remains unpaid.
7. Record the 'Mortgage origination date' in Box 3 to indicate when the mortgage was first issued.
8. If applicable, include any 'Refund of overpaid interest' in Box 4, clearly indicating any returned or excess interests from past payments.
9. In Box 5, report the 'Mortgage insurance premiums' if any were paid by the borrower during the year which may qualify for tax deduction.
10. If points were paid during the mortgage acquisition, indicate this amount in Box 6 as 'Points paid on purchase of principal residence.'
11. Check Box 7 if the address of the property securing the mortgage is the same as the borrower's address. If not, complete Box 8 with the property address or Box 9 with a description of the property.
12. Fill in Box 10 if there's additional relevant information that should be communicated to the borrower.
13. Once all necessary fields are completed, save the changes, download, print, or share the completed form as per your requirement.

Complete your IRS forms online today to ensure accurate and timely reporting.