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E-File Form 1098 Online
A simple solution for mortgage lenders and financial institutions to file Form 1098 and distribute recipient copies.
Why Choose TaxBandits?
- Easy and Secure Filing
- Pre-validate your return before filing with the IRS
- Get instant IRS status updates
- Supports Multiple Tax Years (2024, 2023 & 2022)
- Easily deliver recipient copies via postal mail or online access.
Check out What’s New!
Form 1098: Key Insights!
- Form 1098 reports mortgage interest, including specific points and mortgage insurance premiums (MIP) during the tax year.
- A separate Form 1098 should be filed for each mortgage. The $600 reporting threshold applies individually to each mortgage. If the interest received on a specific mortgage is less than $600, Form 1098 is not required, regardless of the total interest paid across multiple mortgages.
- Form 1098 also reports mortgage insurance premiums (MIP) amounts received of $600 or more, provided they are applicable under section 163(h)(3)(E).
1098 Deadline for 2024 Tax Year
| Electronic Filing | Recipient Copy Distribution |
|---|---|
| March 31, 2025 | January 31, 2025 |
TaxBandits simplifies the filing of Form 3921 with our Time-Saving Features!
What Information is Required to File Form 1098 Electronically?
- 1. Payer/Borrower Info: Name, address and TIN
- 2. Recipient/Lender Info: Name, address, TIN, and account number
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3. Mortgage Interest Info: This payment may include,
- i. Mortgage interest received from payer/borrower
- ii. Amount of outstanding mortgage principal of the current year
- iii. Refund of overpaid interest
- iv. Total mortgage insurance premiums paid for the tax year
- v. Points paid on the purchase of the payer of record's principal residence
- 4. Address or Description of Property Securing Mortgage
Are you ready to file your 1098?
How to E-file Form 1098 Online with TaxBandits?
Select Form 1098, choose the appropriate tax year, and proceed. With TaxBandits, you can file your Form 1098 for current and previous tax years.
Manually or bulk upload the required information on Form 1098 through our standard CSV template.
You can choose how you'd like to distribute recipient copies—by mail, online access, or with the BanditComplete option, which offers both.
Review the information entered on Form 1098 and make necessary changes if needed.
After reviewing the form, transmit the completed Form 1098 to the IRS.
Ready to E-file Form 1098 with the IRS?
Top Features That Make E-Filing Your Form 1098 Smooth and Simple!
Address Book
Add your payer and recipient details just once, securely store them, and access the information for future filings.
Internal Audit Check
Our advanced error-check system automatically audits your 1098 forms for common mistakes to ensure they are error-free.
TIN Validation
Ensure accuracy by validating the TIN against the IRS database. This helps ensure you e-file Form 1098 correctly.
Download Form Copies
TaxBandits offers a simple way to download and print copies of your transmitted 1098 forms.
Recipient Copy Distribution
TaxBandits distributes 1098 copies to recipients via postal mail or
online access. portal.
Supports Multiple Tax Years
TaxBandits supports filing for current (2024) and prior year filings (2023 & 2022).
Pro Features Designed for Tax Professionals
BanditCollab (Team Management)
Add unlimited team members to streamline your workflow. Assign your staff roles—Preparer, Approver, and Transmitter—based on their filing responsibilities.
BanditConnect (Client Management)
Communicate and securely share files with your clients using BanditConnect. Customize the secure portal to reflect your branding.
Custom Reports
Gain insights into staff activities and client filings with detailed reports. Enhance decision-making with in-depth analytics.
Success Starts with TaxBandits!
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Frequently Asked Questions on 1098
What is IRS Form 1098?
Form 1098 (Mortgage Interest Statement) is an IRS tax form used to report mortgage interests of $600 or more received from an individual during the year during the trade or business. Form 1098 is not required for mortgages that receive less than $600 in interest.
For the 2024 tax year, Form 1098 and the instructions have been converted from an annual revision to continuous use.
Who is required to file Form 1098?
You need to file Form 1098, if you fall into one of these categories:
- If you received mortgage interest of $600 or more in the course of the trade or business.
- Governmental units who receive mortgage interest from an individual of $600 or more.
- Cooperative housing corporations must file the 1098 Form.
Other common categories include: Collection agents, Foreign interest recipients, Designation agreement persons, Nonresident Alien Interest Payer.
When is the deadline to file Form 1098?
January 31, 2025 is the due date to distribute copies of Form 1098 to a recipient. If it is filed on paper, then the deadline is February 28, 2025 for the 2024 Tax Year. The Form 1098 electronic filing deadline is on March 31, 2025.
Who is exempt from filing the Mortgage Interest Statement?
Form 1098 is not needed for interest received from a corporation, partnership, trust, estate, association, or company even if an individual is a co-borrower and all the trustees, beneficiaries, partners, members, or shareholders of the payer are individuals.
What are the Form 1098 copies?
The IRS Form 1098 consists of three copies.
- Copy A is filed with the IRS
- Copy B is for the payer/borrower
- Copy C is for the recipient/lender
