How to Fill Out Form 1098 (Mortgage Interest Statement) | PDFRun

Welcome to PDFRun! In this video, we’ll guide you on how to fill out Form 1098!

Visit: https://www.pdfrun.com/form/1098 to get a copy of a ready-to-use, editable, and fillable Form 1098.

Form 1098, Mortgage Interest Statement, is a legal tax form from the Internal Revenue Service (IRS) that is used by taxpayers to report their annual mortgage in the course of their trade or business which includes the total amount of interest and other related expenses that amounts to $600 or more.

If you engaged in trade or business and have received $600 of mortgage interest from an individual during the calendar year, you are required to file Form 1098. On the other hand, you will not be required to file Form 1098 if you received less than $600 in interest on a certain mortgage. This applies even if you have been paid over $600 in total on multiple mortgages by a payer.

As a taxpayer, you are required to report reimbursements of overpaid interest which amounts to $600 or more to a payer or borrower of record on this form. If you received less than $600, you are not required to report reimbursements of overpaid interest. Furthermore, if you did not receive at least $600 worth of mortgage interest within the reimbursement year from the individual to whom you made the reimbursement, then you are not required to fill out Form 1098.

In form 1098, you will be required to report certain points paid for the purchase of the payer or borrower of record’s principal residence. You will have to report these points if the total amount is $600 or more. This will include other interests on the mortgage. Regardless of the accounting method used to report the points, you must report the total points on this form for the calendar year.

The information entered in boxes 1 through 9 and 11 is important details about tax. This information is being furnished to the Internal Revenue Service (IRS). If you happen to be required to file a return, a negligence penalty or another type of sanction may be imposed on you if the Internal Revenue Service (IRS) finds out that an underpayment of tax has occurred because you have overstated a deduction for this certain mortgage interest. This may also apply in cases wherein you did not report the refund of interest in Box 4 or because you have decided to claim a nondeductible item.

Review and double-check if all entered information is correct and accurate.

Once finished, click on the done button to save, download, & print your Form 1098.

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