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2017 Instructions for Form 1098Q Department of the Treasury Internal Revenue Service Qualifying Longevity Annuity Contract Information Section references are to the Internal Revenue Code unless otherwise
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How to fill out 1098q

01
Gather all the required information and documents, including your personal information, lender's information, and loan details.
02
Start by entering your name, social security number, and address in the designated fields on the form.
03
Provide the lender's identification number and address.
04
Specify the mortgage interest received from the payer.
05
Describe any points paid on the mortgage and ensure accurate reporting.
06
Provide information regarding any mortgage insurance premiums paid.
07
Include details about the outstanding mortgage principal balance and the mortgage origination date.
08
Submit the completed form to the appropriate recipients, including the IRS and the borrower.
09
Retain a copy of the form for your records.

Who needs 1098q?

01
Individuals who have received a mortgage interest payment of $600 or more in a year.
02
Lenders or financial institutions who have made mortgage interest payments to individuals and meet the reporting requirements.
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1098q is a tax form used to report distributions from Qualified Education Programs (QTPs) such as 529 plans.
Financial institutions that administer QTPs are required to file 1098q.
The financial institution must provide information on the recipient of the distribution, the amount distributed, and any earnings on the distribution.
The purpose of 1098q is to report distributions from QTPs for tax purposes.
Information such as the recipient's name, address, and taxpayer identification number, as well as the amount distributed and any earnings on the distribution.
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