Get Irs 1098 Instructions 2021-2025

Filling out the IRS 1098 form correctly is essential for reporting mortgage interest and insurance premiums received during the tax year. This guide provides step-by-step instructions to help you complete the IRS 1098 Instructions online with confidence.

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

1. Press the 'Get Form' button to obtain the IRS 1098 form and open it in your online editor.
2. Enter the name, address, and telephone number of the interest recipient in the appropriate boxes to ensure accurate identification.
3. Fill in the account number if applicable. This is important if you have multiple accounts for the same payer or borrower.
4. In Box 1, report the total mortgage interest received from the borrower(s) for the calendar year, excluding any points or unrelated payments.
5. In Box 2, indicate the outstanding principal amount on the mortgage as of January 1 of the reporting year.
6. Provide the mortgage origination date in Box 3. Use the date when the mortgage was first established.
7. If applicable, enter any refund of overpaid interest in Box 4, referring to your previous records.
8. In Box 5, report the total premiums received for mortgage insurance, ensuring it meets the required threshold.
9. Indicate the number of mortgaged properties in Box 9 if there is more than one securing the mortgage.
10. Conclude by reviewing all entered information for accuracy. Save changes, download, print, or share the completed form as needed.

Start filling out your IRS 1098 Instructions online today to ensure compliance and correctness.