Get Substitute Form 1098

If the 1099-S was for the sale of business or rental property, then it's reportable on IRS Form 4797 and Schedule D: From within your TaxAct return (Online or Desktop) click Federal.

More In Forms and Instructions Use Form 1099-S to report the sale or exchange of real estate.

Who must report points. The lender of record or a qualified person must file Form 1098 to report all points paid by the payer of record in connection with the purchase of the principal residence.

Use Form 1098, Mortgage Interest Statement, to report mortgage interest (including points, defined later) of $600 or more you received during the year in the course of your trade or business from an individual, including a sole proprietor. Report only interest on a mortgage, defined later.

Substitute Form 1099-S is called the Proceeds From Real Estate Transactions. If you are responsible for the transaction closure, you must file this form. However, there is the possibility to designate the individual required to complete it in a written agreement.

The Substitute Form 1099-G is mailed in January. This form reports the amount of your state income tax refund paid in the prior year that may be considered part of your Adjusted Gross Income (AGI) if you itemize deductions.

Do I Need to File 1098? No, you don't have to actually file Form 1098—that is, submit it with your tax return. You only have to indicate the amount of interest reported by the form. And you generally only report this interest if you are itemizing deductions on your tax return.

Form 1099-NEC isn't just for fees paid to service providers. It can also report benefits, commissions, prizes and awards for service performed by a nonemployee as well as the general catchall of “other forms of compensation for service performed for your trade or business by an individual who is not your employee.”