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File 1098 Form: What You Should Know

Form 1098-T, Tuition Statement For any amount that exceeds your mortgage interest in the year and is included on line 28b of the 1098 form, you must be aware of the following:  If you claim this exemption, do not write “excess insurance premium paid” on line 28b of the 1098 form, and do not include “excess housing payments” on line 28c. This form generally does not identify the name of the individual who paid for the interest, but does provide information about the mortgage insurance Premium and Housing Payments (line 32). If you are using the 1098-E filing status, you must report your excess insurance premium and housing payments only in the box labeled “Additive” and include information on a separate line of the 1098E form.  For more, go to the following link: 1098-E Income Tax and Insurance Payment Information File Form 1098-E, Mortgage Interest Statement (Form 1098-E can also be used to report payments you made to a mortgage lender, although this form also has extra information about your mortgage insurance Premium and Housing Payments (line 31) on a separate line of Form 1098-E. If you are using the 1098-E filing status, you must report your excess insurance premium and housing payments only in the box labeled “Additive” and include information on a separate line of the 1098E form. For more, go to the following link: 1098-E Income Tax and Insurance Payment Information Form 1099-B and Other Miscellaneous Items of Income, Expenses, and Information The 1099-B form is not used for reporting mortgage interest income. But, most people file this form for nonfarm wages that are over 600 or for wages over 200 earned for more than one workweek (this amount is reported on line 33 of the form). Form 1099-B is designed for persons who make more than a minimal amount of income (less than 400, and only as a percent of total income) from work that does not constitute gain from the sale of property. The 1099-B form, however, does provide information that could help you, such as your source of wages for more than one workweek. The IRS will allow taxpayers or claimants to use up to 10 Form 1099-B forms in one filing year (each 10-B form may only be used once).

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