Form 1098 Series Due Date

If any Individual or Entity receive Mortgage Interest, Student Loan Interest, Tuition fees need to file the 1098 forms. It is information return which should be submitted with IRS and Barrower/ Student copies need to be send to the respective individual.

Types of 1098 forms

1. Form 1098
2. Form 1098-T
3. Form 1098-E

Form 1098

Form 1098, Mortgage Interest Statement is used by the Lender to report the interest received upon the Mortgage. Generally, the lender who receive Mortgage interest of above $600 need to file form 1098 with IRS and send the borrower copies to the individual who paid the interest. Learn more about form 1098 and its filing instruction.

Form 1098-T

Form 1098-T, Tuition Statement is an IRS form used by Educational Institutions to report the eligible tuition fees and educational spend done by the students. The insurer who refunds or reimburse any of the eligible education expense of the student should also furnish form 1098-T to IRS and the student. Learn more about form 1098 and its filing instruction.

Form 1098-E

Form 1098-E, Student Loan Interest statement is an IRS form used by Entity or individual to report the interest received from student loan. IRS mandate the reporting of interest received if the interest received is more than $600 per tax year. Learn more about the form 1098 and its filing instruction.

Important Dates in filing 1098 forms

Form 1098, Form 1098-T, Form 1098-E have the same deadline for paper filing, E-Filing and sending Borrower/Student copies. It is important to adhere to the deadline to stay compliant with the IRS regulations.

Penalties

Failure to E-file: If you need to file more than 10 information returns in a tax year, electronic filing is mandatory. Noncompliance can result in a penalty of $340 per return.

Late Filing Penalty: The IRS sets a deadline for submitting 1098 Forms. Missing this deadline can result in penalties ranging from $60 per return, with a maximum of $4,098,500 per year. For small businesses, the penalty cap is $1,366,000 annually.

Incorrect Information Penalty: If 1098 Forms contains errors and is not corrected before the deadline, penalties may apply. These penalties align with those for late filing.