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The IRS 1098 form plays a crucial role in the financial lives of many taxpayers, particularly those who own homes or are involved in educational pursuits. This form is primarily used to report mortgage interest, but it also covers other significant expenses such as student loan interest and tuition payments. Homeowners may receive a 1098 from their mortgage lender, detailing the amount of interest paid over the year, which can be deducted when filing taxes. Similarly, educational institutions issue the form to report qualified tuition and related expenses, helping students and their families understand their financial obligations. Understanding the details captured on the 1098 form is essential for taxpayers to maximize their deductions and ensure compliance with IRS regulations. By keeping track of this information, individuals can make informed decisions that may lead to substantial tax savings.

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Attention:

Copy A of this form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. The official printed version of Copy A of this IRS form is scannable, but the online version of it, printed from this website, is not. Do not print and file copy A downloaded from this website; a penalty may be imposed for filing with the IRS information return forms that can’t be scanned. See part O in the current General Instructions for Certain Information Returns, available at IRS.gov/Form1099, for more information about penalties.

Please note that Copy B and other copies of this form, which appear in black, may be downloaded and printed and used to satisfy the requirement to provide the information to the recipient.

If you have 10 or more information returns to file, you may be required to file e-file. Go to IRS.gov/InfoReturn for e-file options.

If you have fewer than 10 information returns to file, we strongly encourage you to e-file. If you want to file them on paper, you can place an order for the official IRS information returns, which include a scannable Copy A for filing with the IRS and all other applicable copies of the form, at IRS.gov/EmployerForms. We’ll mail you the forms you request and their instructions, as well as any publications you may order.

See Publications 1141, 1167, and 1179 for more information about printing these forms.

8181

VOID

CORRECTED

 

 

 

 

 

RECIPIENT’S/LENDER’S name, street address, city or town, state or

 

 

OMB No. 1545-1380

 

 

province, country, ZIP or foreign postal code, and telephone no.

 

 

 

Form 1098

 

Mortgage

 

 

 

 

 

 

 

 

 

 

 

(Rev. April 2025)

 

Interest

 

 

 

 

 

 

Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For calendar year

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Mortgage interest received from payer(s)/borrower(s)

Copy A

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

For

RECIPIENT’S/LENDER’S TIN

PAYER’S/BORROWER’S TIN

2 Outstanding mortgage

3 Mortgage origination date

Internal Revenue

 

 

 

principal

 

 

 

 

Service Center

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4 Refund of overpaid

5 Mortgage insurance

For filing

 

 

 

 

 

 

interest

premiums

information,

PAYER’S/BORROWER’S name

 

 

$

 

$

 

 

 

Privacy Act,

 

 

 

 

 

 

 

 

 

and Paperwork

 

 

 

6 Points paid on purchase of principal residence

 

 

 

Reduction Act

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Notice, see the

Street address (including apt. no.)

 

 

7

If address of property securing mortgage is the same

General

 

 

 

as PAYER’S/BORROWER’S address, check the box, or enter

Instructions for

 

 

 

the address or description in box 8.

Certain

 

 

 

 

 

 

 

 

 

Information

City or town, state or province, country, and ZIP or foreign postal code

8 Address or description of property securing mortgage (see

Returns.

 

 

 

 

 

 

 

instructions)

 

 

 

 

www.irs.gov/Form1099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9 Number of properties securing the

10 Other

 

 

 

 

 

 

 

 

mortgage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11 Mortgage

 

 

 

 

 

 

 

 

 

acquisition date

Account number (see instructions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Form 1098 (Rev. 4-2025)

Cat. No. 14402K

 

 

www.irs.gov/Form1098

Department of the Treasury - Internal Revenue Service

Do Not Cut or Separate Forms on This Page — Do Not Cut or Separate Forms on This Page

CORRECTED (if checked)

RECIPIENT’S/LENDER’S name, street address, city or town, state or

*Caution: The amount shown may

OMB No. 1545-1380

 

 

province, country, ZIP or foreign postal code, and telephone no.

not be fully deductible by you.

Form 1098

 

Mortgage

 

 

and the cost and value of the

 

 

 

Limits based on the loan amount

 

 

 

 

 

 

 

secured property may apply. Also,

(Rev. April 2025)

 

Interest

 

 

you may only deduct interest to the

 

Statement

 

 

extent it was incurred by you,

 

 

 

 

 

 

For calendar year

 

 

 

actually paid by you, and not

 

 

 

 

 

 

 

reimbursed by another person.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Mortgage interest received from payer(s)/borrower(s)*

Copy B

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

For Payer/

RECIPIENT’S/LENDER’S TIN

PAYER’S/BORROWER’S TIN

2 Outstanding mortgage

3 Mortgage origination date

Borrower

 

 

principal

 

 

 

 

The information in boxes 1

 

 

$

 

 

 

 

 

through 9 and 11 is

 

 

 

 

 

 

 

 

important tax information

 

 

4 Refund of overpaid

5 Mortgage insurance

 

 

and is being furnished to

 

 

interest

premiums

 

 

$

 

$

 

 

 

the IRS. If you are required

PAYER’S/BORROWER’S name

 

 

 

 

 

 

 

 

 

 

to file a return, a negligence

 

 

6 Points paid on purchase of principal residence

penalty or other sanction

 

 

$

 

 

 

 

 

may be imposed on you if

 

 

 

 

 

 

 

 

the IRS determines

Street address (including apt. no.)

 

7

If address of property securing mortgage is the same

 

that an underpayment of

 

 

as PAYER’S/BORROWER’S address, the box is checked, or

tax results because you

 

 

the address or description is entered in box 8.

overstated a deduction for

 

 

 

 

 

 

 

 

this mortgage interest or for

City or town, state or province, country, and ZIP or foreign postal code

8 Address or description of property securing mortgage

these points, reported in

 

 

 

 

 

 

 

 

boxes 1 and 6; or because

 

 

 

 

 

 

 

 

you didn’t report the refund

 

 

 

 

 

 

 

 

of interest (box 4); or

9 Number of properties securing the

10 Other

 

 

 

 

 

 

because you claimed a

mortgage

 

 

 

 

 

 

 

nondeductible item.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11 Mortgage

 

 

 

 

 

 

 

 

acquisition date

Account number (see instructions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Form 1098 (Rev. 4-2025)

(Keep for your records)

 

www.irs.gov/Form1098

Department of the Treasury - Internal Revenue Service

Instructions for Payer/Borrower

A person (including a financial institution, a governmental unit, and a cooperative housing corporation) who is engaged in a trade or business and, in the course of such trade or business, received from you at least $600 of mortgage interest (including certain points) on any one mortgage in the calendar year must furnish this statement to you.

If you received this statement as the payer of record on a mortgage on which there are other borrowers, furnish each of the other borrowers with information about the proper distribution of amounts reported on this form. Each borrower is entitled to deduct only the amount each borrower paid and points paid by the seller that represent each borrower’s share of the amount allowable as a deduction. Each borrower may have to include in income a share of any amount reported in box 4.

If your mortgage payments were subsidized by a government agency, you may not be able to deduct the amount of the subsidy. See the instructions for Schedule A, C, or E (Form 1040) for how to report the mortgage interest. Also, for more information, see Pub. 936 and Pub. 535.

Payer’s/Borrower’s taxpayer identification number (TIN). For your protection, this form may show only the last four digits of your TIN (SSN, ITIN, ATIN, or EIN). However, the issuer has reported your complete TIN to the IRS.

Account number. May show an account or other unique number the lender has assigned to distinguish your account.

Box 1. Shows the mortgage interest received by the recipient/lender during the year. This amount includes interest on any obligation secured by real property, including a mortgage, home equity loan, or line of credit. This amount does not include points, government subsidy payments, or seller payments on a “buydown” mortgage. Such amounts are deductible by you only in certain circumstances.

▲ amount in the calendar year paid even though it may be included in

CAUTION

box 1.

!

If you prepaid interest in the calendar year that accrued in full by

January 15 of the subsequent year, this prepaid interest may be

included in box 1. However, you cannot deduct the prepaid

If you hold a mortgage credit certificate and can claim the mortgage interest credit, see Form 8396. If the interest was paid on a mortgage, home equity loan, or line of credit secured by a qualified residence, you can only deduct the interest paid on acquisition indebtedness, and you may be subject to a deduction limitation.

Box 2. Shows the outstanding principal on the mortgage as of January 1 of the calendar year. If the mortgage originated in the calendar year, shows the mortgage principal as of the date of origination. If the recipient/lender acquired the loan in the calendar year, shows the mortgage principal as of the date of acquisition.

Box 3. Shows the date of the mortgage origination.

Box 4. Do not deduct this amount. It is a refund (or credit) for overpayment(s) of interest you made in a prior year or years. If you itemized deductions in the year(s) you paid the interest, you may have to include part or all of the box 4 amount on the “Other income” line of your calendar year Schedule 1 (Form

1040). No adjustment to your prior year(s) tax return(s) is necessary. For more information, see Pub. 936 and Itemized Deduction Recoveries in Pub. 525.

Box 5. If an amount is reported in this box, it may qualify to be treated as deductible mortgage interest. See the calendar year Schedule A (Form 1040) instructions and Pub. 936.

Box 6. Not all points are reportable to you. Box 6 shows points you or the seller paid this year for the purchase of your principal residence that are required to be reported to you. Generally, these points are fully deductible in the year paid, but you must subtract seller-paid points from the basis of your residence. Other points not reported in box 6 may also be deductible. See Pub. 936 to figure the amount you can deduct.

Box 7. If the address of the property securing the mortgage is the same as the payer’s/borrower’s, either the box has been checked, or box 8 has been completed.

Box 8. Shows the address or description of the property securing the mortgage.

Box 9. If more than one property secures the loan, shows the number of properties securing the mortgage. If only one property secures the loan, this box may be blank.

Box 10. The interest recipient may use this box to give you other information, such as real estate taxes or insurance paid from escrow.

Box 11. If the recipient/lender acquired the mortgage in the calendar year, shows the date of acquisition.

Future developments. For the latest information about developments related to Form 1098 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/Form1098.

Free File Program. Go to www.irs.gov/FreeFile to see if you qualify for no-cost online federal tax preparation, e-filing, and direct deposit or payment options.

➤ PDF File

Form Specifications

Fact Name Description
Purpose The IRS 1098 form is used to report mortgage interest received by a lender from a borrower.
Filing Requirement Lenders must file Form 1098 if they received $600 or more in interest from a borrower during the tax year.
Recipient Copy A copy of Form 1098 must be sent to the borrower by January 31 of the following year.
State-Specific Forms Some states may require additional forms for reporting mortgage interest. Check state laws for specific requirements.
Tax Implications Borrowers can use the information on Form 1098 to claim mortgage interest deductions on their federal tax returns.

IRS 1098: Usage Guidelines

Filling out the IRS 1098 form requires careful attention to detail. After completing the form, you will need to submit it to the IRS along with any required documentation. Ensure all information is accurate to avoid potential issues.

  1. Obtain the IRS 1098 form. You can download it from the IRS website or request a physical copy.
  2. Enter your name in the designated field at the top of the form.
  3. Provide your Social Security Number (SSN) or Employer Identification Number (EIN) in the appropriate box.
  4. Fill in the name of the lender or mortgage company in the next section.
  5. Include the lender's address, including city, state, and ZIP code.
  6. Input your mortgage account number, if applicable.
  7. Report the amount of interest you paid during the year in the specified box.
  8. If applicable, note any points paid on the mortgage in the designated area.
  9. Sign and date the form where indicated.
  10. Make a copy for your records before submitting it to the IRS.

Your Questions, Answered

What is the IRS 1098 form?

The IRS 1098 form is a tax document that reports mortgage interest paid by an individual during the tax year. It is provided by the lender to the borrower and is used to help taxpayers claim deductions for mortgage interest on their federal tax returns.

Who receives a 1098 form?

Typically, homeowners who have paid $600 or more in mortgage interest to a lender during the year will receive a 1098 form. This form is sent to the taxpayer by the lender or mortgage servicer, usually by the end of January following the tax year.

What information is included on the 1098 form?

The 1098 form includes important details such as the amount of mortgage interest paid, the outstanding mortgage principal, and the lender’s information. It may also include any points paid on the mortgage, which can sometimes be deductible.

How do I use the 1098 form for my tax return?

To use the 1098 form for your tax return, you will need to report the mortgage interest amount on Schedule A of Form 1040 if you are itemizing deductions. This can help reduce your taxable income, potentially lowering your overall tax liability.

What should I do if I did not receive a 1098 form?

If you did not receive a 1098 form but believe you should have, it is important to contact your lender or mortgage servicer. They can provide you with the necessary information and a copy of the form if it was issued.

Can I still deduct mortgage interest without a 1098 form?

Yes, you can still deduct mortgage interest even if you do not have a 1098 form. You will need to keep records of your payments, such as bank statements or payment confirmations, to substantiate your deduction if requested by the IRS.

Are there any penalties for not reporting the information from a 1098 form?

Failing to report the information from a 1098 form can lead to discrepancies in your tax return. While penalties may not apply directly for not including the 1098, if the IRS finds that you underreported your income or deductions, you could face penalties or interest on any unpaid taxes.

What if the information on my 1098 form is incorrect?

If you notice any errors on your 1098 form, such as incorrect amounts or personal information, you should contact your lender immediately. They can issue a corrected form, known as a 1098-C, which you will then use for your tax return.

Can I get a copy of my 1098 form online?

Many lenders offer online access to tax documents, including the 1098 form. You can log into your account on your lender’s website or contact their customer service for assistance in obtaining a copy.

What should I do with my 1098 form after filing my taxes?

After filing your taxes, it is wise to keep your 1098 form and any related documents for at least three years. This is the typical timeframe during which the IRS can audit your tax return or request additional information.

Common mistakes

  1. Not including the correct borrower’s name. Ensure that the name matches the one on the Social Security card.

  2. Forgetting to include the Taxpayer Identification Number (TIN). This is essential for proper identification.

  3. Incorrectly reporting the interest amount. Double-check the figures to avoid discrepancies.

  4. Failing to provide the property address. This information is crucial for identifying the mortgage.

  5. Not signing the form. A signature is required to validate the information provided.

  6. Using the wrong year for the form. Ensure you are filling out the correct tax year.

  7. Neglecting to check for missing information. Review the form thoroughly before submission.

  8. Submitting the form late. Be aware of deadlines to avoid penalties.

  9. Not keeping a copy of the form for personal records. Always retain a copy for your files.

  10. Overlooking the instructions provided by the IRS. Follow them carefully to ensure accuracy.

Documents used along the form

The IRS 1098 form is an important document for taxpayers, especially for those who pay mortgage interest. However, it often accompanies several other forms and documents that help provide a complete picture of a taxpayer's financial situation. Here’s a list of other forms you might encounter alongside the 1098.

  • IRS Form 1040: This is the standard individual income tax return form used to report income, claim tax deductions, and calculate tax liabilities. It serves as the main form for filing your federal taxes.
  • IRS Form 1099-INT: This form reports interest income earned from bank accounts or other financial institutions. If you receive interest income, you’ll need this form to accurately report it on your tax return.
  • IRS Form 1098-E: Used to report student loan interest paid during the tax year, this form can help taxpayers claim a deduction for the interest, potentially lowering their taxable income.
  • IRS Form 4562: This form is used to claim depreciation on assets, such as rental property or business equipment. It can be essential for taxpayers looking to reduce their taxable income through depreciation deductions.
  • IRS Form 8829: If you use part of your home for business, this form helps you calculate the home office deduction, allowing you to deduct certain home expenses from your business income.
  • IRS Schedule A: This is used to itemize deductions instead of taking the standard deduction. It includes deductions for mortgage interest, property taxes, and other eligible expenses.
  • IRS Form 1098-T: This form is issued by educational institutions to report tuition payments and related expenses. It is crucial for students and parents seeking education-related tax benefits.
  • IRS Form W-2: Employers use this form to report wages paid to employees and the taxes withheld from those wages. It is essential for filing your income tax return accurately.

Understanding these forms and how they relate to the IRS 1098 can simplify the tax filing process. Each document plays a role in ensuring that taxpayers report their financial information accurately and take advantage of potential deductions. By being aware of these forms, you can navigate your tax responsibilities more effectively.

Similar forms

The IRS 1098 form is a key document used for reporting various types of payments. Here are eight other documents that share similarities with the 1098 form:

  • IRS Form 1099-INT: This form reports interest income earned by individuals. Like the 1098, it helps taxpayers report income for tax purposes.
  • IRS Form 1099-DIV: This form is used to report dividends and distributions from investments. It, too, serves to inform the IRS about income received by taxpayers.
  • IRS Form 1099-MISC: Previously used for various types of income, this form now primarily reports non-employee compensation. It shares the purpose of ensuring accurate income reporting.
  • IRS Form W-2: This form reports wages paid to employees and the taxes withheld. Both the W-2 and 1098 forms provide essential information for tax returns.
  • IRS Form 1098-E: This form is used to report student loan interest paid. Like the 1098, it helps taxpayers claim deductions related to their financial obligations.
  • IRS Form 1098-T: This form reports tuition payments and related expenses for students. It aids in claiming education-related tax benefits, similar to how the 1098 supports mortgage interest deductions.
  • IRS Form 1042-S: This form reports income paid to foreign persons. It serves a similar purpose in reporting income to the IRS, ensuring compliance with tax laws.
  • IRS Form 1099-C: This form is used to report canceled debts. Like the 1098, it informs taxpayers about financial transactions that may affect their tax liability.

Dos and Don'ts

When filling out the IRS 1098 form, it's important to be careful and thorough. Here’s a helpful list of things to do and avoid:

  • Do double-check your personal information for accuracy.
  • Do ensure that the mortgage interest amount is correct.
  • Do keep a copy of the completed form for your records.
  • Do file the form on time to avoid penalties.
  • Don't leave any required fields blank.
  • Don't use incorrect tax identification numbers.
  • Don't forget to sign the form if required.
  • Don't ignore the instructions provided with the form.

By following these tips, you can help ensure that your IRS 1098 form is filled out correctly and submitted on time.

Misconceptions

The IRS 1098 form is an important document for taxpayers, particularly those who have taken out a mortgage or paid interest on student loans. However, there are several misconceptions surrounding this form that can lead to confusion. Here are ten common misconceptions about the IRS 1098 form, along with clarifications.

  1. All taxpayers receive a 1098 form.

    Not every taxpayer will receive a 1098 form. This form is specifically issued to individuals who have paid mortgage interest, received a student loan, or made certain contributions to educational institutions.

  2. The 1098 form is only for mortgage interest.

    While the 1098 form is commonly associated with mortgage interest, it can also report other types of payments, such as tuition payments for qualified educational expenses.

  3. Receiving a 1098 form guarantees a tax deduction.

    Just because you receive a 1098 form does not automatically mean you will receive a tax deduction. Eligibility for deductions depends on various factors, including your overall tax situation and the type of expenses reported.

  4. You must itemize deductions to benefit from a 1098 form.

    While it is true that some deductions related to the 1098 form require itemization, certain benefits, like the student loan interest deduction, can be claimed even if you take the standard deduction.

  5. The amounts reported on the 1098 form are always accurate.

    Errors can occur. It is essential to review the amounts reported on the 1098 form and compare them with your own records. If discrepancies arise, you should contact the issuer for clarification.

  6. The 1098 form is only relevant during tax season.

    While many people think about the 1098 form only when filing taxes, keeping it on hand throughout the year can help with financial planning and budgeting.

  7. You can only receive one 1098 form per year.

    It is possible to receive multiple 1098 forms in a single year, especially if you have multiple loans or mortgages. Each lender or educational institution will issue its own form.

  8. All 1098 forms are the same.

    There are different types of 1098 forms, such as 1098 for mortgage interest and 1098-E for student loan interest. Each form serves a different purpose and has different reporting requirements.

  9. You do not need to report amounts from the 1098 form on your tax return.

    Amounts reported on the 1098 form often need to be included on your tax return. Failing to report these amounts can lead to issues with the IRS.

  10. The 1098 form is only important for homeowners.

    While homeowners frequently encounter the 1098 form, it is also relevant for students and parents paying for education, as it can provide valuable tax benefits related to educational expenses.

Understanding these misconceptions can help taxpayers navigate their financial responsibilities more effectively. Always consult with a tax professional if you have questions about how the 1098 form impacts your tax situation.

Key takeaways

The IRS 1098 form is an important document for reporting mortgage interest payments. Understanding how to fill it out and use it can help taxpayers manage their finances effectively. Here are some key takeaways regarding the form:

  • Purpose of the Form: The IRS 1098 form is used by lenders to report the amount of mortgage interest received from borrowers during the tax year. This information is crucial for homeowners who want to claim a mortgage interest deduction on their tax returns.
  • Who Receives the Form: Borrowers who paid $600 or more in mortgage interest during the year will receive a 1098 form from their lender. This form will be sent out by January 31 of the following year, ensuring that taxpayers have it in time for tax preparation.
  • Information Included: The form includes important details such as the amount of interest paid, points paid on the mortgage, and the outstanding mortgage balance. This information is essential for accurately reporting deductions on tax returns.
  • Filing Requirements: Taxpayers should keep the 1098 form with their tax records. When filing taxes, the information from the form must be accurately entered on Schedule A if the taxpayer is itemizing deductions. This can significantly reduce taxable income.