What Is A 1098 Form

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What is a 1098 form?

A 1098 form is an IRS tax form that is used to report certain types of payments. It is specifically used to report mortgage interest, student loan interest, and tuition payments. The purpose of this form is to provide the recipient with the information they need to determine if they are eligible for any deductions or credits on their tax return.

What are the types of 1098 forms?

There are several types of 1098 forms. The most common ones include: 1. Form 1098 Mortgage Interest: This form is used by homeowners to report the amount of mortgage interest they paid throughout the year. 2. Form 1098-E Student Loan Interest: This form is used by individuals who paid interest on qualified student loans. 3. Form 1098-T Tuition Statement: This form is used by educational institutions to report tuition payments and any scholarships or grants received by the student.

Form 1098 Mortgage Interest
Form 1098-E Student Loan Interest
Form 1098-T Tuition Statement

How to complete a 1098 form?

Completing a 1098 form may seem daunting, but with the right information, it can be done easily. Here are the steps to follow: 1. Gather the necessary information: Collect all the relevant information, such as the recipient's name, address, and taxpayer identification number (TIN). 2. Fill in the form: Enter the accurate amounts of the payments made in the appropriate sections of the form. 3. Review the information: Double-check all the details to ensure accuracy and completeness. 4. Submit the form: Send the completed form to the recipient and file a copy with the IRS.

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Gather the necessary information
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Fill in the form
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Review the information
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Submit the form

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Questions & answers

Even if you didn't receive a 1098-E from your servicer, you can download your 1098-E from your loan servicer's website. If you are unsure who your loan servicer is, log in to StudentAid.gov or call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243. TTY 1-800-730-8913).
You report this mortgage interest from Form 1098 on Schedule E, not Schedule A. Also, you might have paid points when you took out the mortgage on your rental property. If so, generally points are prepaid interest so you can't deduct the full amount in the year you paid them.
You can get your mortgage info by going to your lender's website. Other documents, like your monthly mortgage bills and your Closing Disclosure (or HUD-1), will also have some of this info. Your lender should send you a 1098 by January 31. If you haven't received one by then, contact them for the info you need.
Form 1098 is issued and mailed by the lender—or other entity receiving the interest—to you, the borrower. The mortgage lender is required by the IRS to provide Form 1098 to you if your property is considered real property.
When might a mortgage lender not be obligated to provide Form 1098? Lenders do not have to provide a Form 1098 if they received less than $600 in interest, mortgage insurance premiums, or points during the year.
Even if you didn't receive a 1098-E from your servicer, you can download your 1098-E from your loan servicer's website. If you are unsure who your loan servicer is, log in to StudentAid.gov or call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243. TTY 1-800-730-8913).