E-File 2022 IRS Form 1098 Online
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What Information is Required to File Form 1098 Electronically?
- 1. Payer Details: Name, EIN, and Address
- 2. Recipient Details: Name, EIN/Social Security, and Address
- 3. Mortgage Interest Received
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Frequently Asked Questions
What is IRS Form 1098?
Form 1098 (Mortgage Interest Statement) is an IRS tax Form used to report mortgage interests of $600 or more that are received from an individual during the year in the course of the trade or business. Form 1098 is not required for mortgages that receive less than $600 in interest.
For the 2022 tax year, Form 1098 and the instructions have been converted from an annual revision to continuous use.
Who is required to file Form 1098?
You need to file Form 1098, if you fall into one of these categories:
- If you received mortgage interest of $600 or more in the course of the trade or business.
- Governmental units who receive mortgage interest from an individual of $600 or more.
- Cooperative housing corporations must file the 1098 Form.
Other common categories include: Collection agents, Foreign interest recipients, Designation agreement persons, Nonresident Alien Interest Payer.
When is the deadline to file Form 1098 for the 2022 tax year?
January 31, 2023 is the due date to distribute copies of Form 1098 to a recipient. If it is filed on paper, then the deadline is February 28, 2023 for the 2022 Tax Year. The Form 1098 electronic filing deadline is on March 31, 2023.
|Recipient Copies||Paper filing||E-filing|
|January 31, 2023||February 28, 2023||March 31, 2023|
Who is exempt from filing the Mortgage Interest Statement?
Form 1098 is not needed for interest received from a corporation, partnership, trust, estate, association, or company even if an individual is a co-borrower and all the trustees, beneficiaries, partners, members, or shareholders of the payer are individuals.
What are the Form 1098 Copies?
The IRS Form 1098 consists of 11 boxes and has 3 copies.
- Copy A For Internal Revenue Service Center
- Copy B For Payer / Borrower
- Copy C For Recipient / Lender
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