Article by Lisa Heather
Use Form 1098, Mortgage Interest Statement, to report mortgage interest (including points) of $ 600 or more received by you during the year. File this form if you are engaged in a trade or business and, in the course of such trade or business, you receive from an individual $ 600 or more of mortgage interest on any one mortgage during the calendar year. A mortgage is any obligation secured by real property.
Printing 1098 forms from your computer is simple with 1098 form printing software.
Once you have determined you need to print 1098 Mortgage Interest Forms and have installed a program on your work station you are a few easy steps away from printing. To open the newly installed program click on the icon that was created on your desktop.
Step 1: Click company>new company>enter company name
Step 2: In the next screen enter the company address, EIN (Employer Identification Number).
Step 3: Click 1096 information (third tab) enter the contact person’s name, phone number and email address. Enter the filer’s name if different from the company name. For instance the filer’s name may be different than the company if you are a tax preparer.
Step 4: Click 1098 payer/borrower>new payer and enter the payer’s Social Security Number, type of form received, name and address.
Step 5: Click 1098 Forms. In this screen you should see the payer/ borrower information populating the boxes. On the right side of the screen you will enter totals in the boxes that apply to this borrower.
Step 6: From this screen click print. Select which payers you want to print 1098 forms for at this time choosing from the current borrower/ payer, all borrowers/ payers or a range of borrowers/ payers. Next select the copy you want to print from the drop down menu. 1098 printing software prints 1098 copies B and C on blank paper and prints 1098 copy A as well as 1096 forms on preprinted laser forms. The IRS requires 1098 copy A and 1096 forms to be printed on preprinted red ink laser forms. You will see an option, in the drop down menu, to print instructions on the back of the recipient and payer copies of Form 1098.
Form 1098 software is extremely easy to use as you can see you will start entering and printing data within minutes of W2 Mate