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IRS Release Status: FINAL
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.
Sample Excel Import File: 1098.xlsx
Form Fields:
Field Name | Size | Type | Description | Notes |
---|---|---|---|---|
See Form Filer Common Fields | Filer fields common to all form types. | |||
See Recipient Common Fields | Recipient fields common to all form types. | |||
Box 1 Amount | 12 | Amount | Box 1: Mortgage interest received from payer(s)/borrower(s) | |
Box 2 Amount | 12 | Amount | Box 2: Outstanding mortgage principal as of 1/1/2016 | |
Box 3 Date | 10 | Date | Box 3: Mortgage origination date | MM/DD/YYYY or M/D/YYYY |
Box 4 Amount | 12 | Amount | Box 4: Refund of overpaid interest | |
Box 5 Amount | 12 | Amount | Box 5: Mortgage insurance premiums | |
Box 6 Amount | 12 | Amount | Box 6: Points paid on purchase of principal residence | |
Box 7 Checkbox | 1 | Checkbox | Box 7: Is address of property securing mortgage same as PAYER'S/BORROWER'S address? | X / Y / T / 1 = Checked |
Box 8 Text | 40 | Text | Box 8: Address of property securing mortgage (see instructions) | |
Box 9 Text | 40 | Text | Box 9: If property securing mortgage has no address, provide description of the property | |
Box 10 Text | 40 | Text | Box 10: Other | |
See Form Common Fields | Form fields common to all form types. |