Get Irs 1098 Instructions 2020-2026

Filling out the IRS Form 1098, also known as the Mortgage Interest Statement, is essential for reporting mortgage interest you received in the course of your business. This guide offers clear, step-by-step instructions to help users complete the form accurately online.

Follow the steps to fill out the IRS 1098 Instructions online.

1. Click the ‘Get Form’ button to obtain the form and open it in the editor.
2. Identify the recipient’s name, address, and telephone number, ensuring these details are accurate, as they must match the information on file with the IRS.
3. Enter the payer's/borrower's name and address in the appropriate boxes, being careful to input the correct details for the individual who paid the interest.
4. Provide the account number if multiple accounts exist for the same borrower, as this helps organize your submissions.
5. In Box 1, input the total mortgage interest received from the borrower during the calendar year, ensuring not to include any non-reportable amounts.
6. Enter the outstanding mortgage principal as of January 1 of the reporting year in Box 2, or the mortgage principal for newly originated loans.
7. Complete Box 3 with the date of the mortgage origination, ensuring this reflects the original lender's date, not the date of acquisition if applicable.
8. If there were any refunds for overpaid interest from previous years, list this amount in Box 4.
9. For any Mortgage Insurance Premiums, indicate the total premiums received in Box 5, if applicable, ensuring compliance with any legislative updates.
10. Provide additional details such as the property address securing the mortgage in Box 7, or include a description if no address exists.
11. If applicable, report any points paid on the purchase of the payer of record's principal residence in Box 6.
12. For any other relevant information, utilize Box 10 to report additional items like real estate taxes paid from escrow.
13. Finally, review all entries for accuracy, then save changes, download, print, or share the completed form as needed.

Complete your IRS Form 1098 online today to ensure accurate reporting of your mortgage interest.