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McAllen Texas Form 1098: What You Should Know
Ruben Guevara, P.C.'s Customer Support, Telephone (830) 656‑9000, Fax Frequently Asked Questions : Q : What is the annual form 1098? A : The 1098-T is sent to you by the IRS each April, a tax year. The 1098-T form is used by you to report interest, dividends and capital gain distributions received from the sale of stock, bonds or other investment property. The 1098-T is also used to report interest, capital gains and dividends received from loans, personal services contracts, life insurance policies, real estate and partnership interests. If you are required to report Form 1098, you are not required to file Form 1096. However, if you file the 1099-R, you must file Form 1098-T with the 1099-R. For all forms, including the 1098-T, the tax years starting with April 1 are calendar years, and the tax years ending with December 31 are half years. Q : Does the 1098-T need to be filed by April 15? A : The 1098‑T can only be filed after a year has already passed since the last return you filed (or filed late). In other words, the 1098-T cannot be filed before the end of 2014. Note that you cannot file the 1098-T until you know if you have a qualifying interest in a property. The 1098-T is not a replacement for the 1099-R. The 1098-T is only issued to be filed so that the IRS can have a more complete record of the taxable interest, dividends and capital gains on which your taxable income is based. Q : Can I file the 1098-T early? A : The IRS will give you an extension of up to 30 days to file the 1098-T. If you file the 1098‑T within 10 calendar days from the due date, the extension is considered granted, and you can complete the form earlier (April 15 for the 2023 tax year). In most cases, you can get a similar extension if you file the tax return electronically. If you don't file by 5:00 p.m. Eastern Time on April 15, you cannot make your tax payment in paper form until the next business day.
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