IRS Release Status: FINAL

Sample Excel Import File: 1098 2016.xlsx

What's New for 2016

  • Mortgage insurance premiums. Report mortgage insurance premiums paid of $600 or more in box 5. Reporting is required under section 6050H(h).
  • New reporting requirements. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 contains new reporting requirements for recipients of mortgage interest. For forms 1098 issued to payers after December 31, 2016, you must report the address or description of property securing the mortgage, the outstanding mortgage principal as of January 1, 2016, and the mortgage origination date.
  • Form resized. Due to the modification of reporting requirements by P.L. 114-41, sec. 2003, the official IRS Form 1098 has increased in size from a 3-to-a-page to a 2-to-a-page format, beginning with tax year 2016.

New Fields

  • Box 2 Amount: Outstanding mortgage principal as of 1/1/2016
  • Box 3 Date: Mortgage origination date
  • Box 7 Checkbox: Is address of property securing mortgage same as PAYER'S/BORROWER'S address?
  • Box 8 Text: Address of property securing mortgage (see instructions)
  • Box 9 Text: If property securing mortgage has no address, provide description of the property

Import Form Fields:

Field NameSizeType DescriptionNotes
See Form Filer Common FieldsFiler fields common to all form types. 
See Recipient Common FieldsRecipient fields common to all form types. 

Box 1 Amount

12Amount

Box 1: Mortgage interest received from payer(s)/borrower(s)

 

Box 2 Amount

12AmountBox 2: Outstanding mortgage principal as of 1/1/2016 

Box 3 Date

10Date

Box 3: Mortgage origination date

MM/DD/YYYY or M/D/YYYY
Box 4 Amount12AmountBox 4: Refund of overpaid interest 
Box 5 Amount12AmountBox 5: Mortgage insurance premiums 
Box 6 Amount12AmountBox 6: Points paid on purchase of principal residence 
Box 7 Checkbox1CheckboxBox 7: Is address of property securing mortgage same as PAYER'S/BORROWER'S address?X / Y / T / 1 = Checked
Box 8 Text72, 80 for CSTextBox 8: Address of property securing mortgage (see instructions)First 39 characters used for IRS reporting
Box 9 Text72, 80 for CSTextBox 9: If property securing mortgage has no address, provide description of the propertyFirst 39 characters used for IRS reporting
Box 10 Text60TextBox 10: OtherFirst 39 characters used for IRS reporting
See Form Common FieldsForm fields common to all form types. 

1098 Form:

IRS 1098 Form:  1098 Form

IRS 1098 Form Comparison: 1098 Comparison

IRS 1098 Instructions:  1098 Instructions


                

 

 

 

 

 

 

 

 

 

 

 

 

 

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