Creating Form 1098
- Click on the Payer List button.
- Double click on the payer name.
- Select the recipient to add the form to.
- Click on the Add Form button.
- Select 1098 from the Form Type drop down menu.
- Fill in the necessary fields on the form:
- Corrected: Check this box if it applies.
- Account Number: A number assigned to recipient by the payer. This field is optional except for the following cases:
- The recipient has multiple returns for the same return type.
- The returns are filed using E-file Center.
- Mortgage interest received from payer(s)/borrower(s): Enter the interest (not including points) received on the mortgage from borrowers during the calendar year.
- Outstanding mortgage principal: Enter the amount of outstanding principal on the mortgage as of January 1 of the current tax year. If mortgage was originated in the current tax year, enter the mortgage principal as of the date of origination.
- Mortgage origination date: Enter the date of the origination of the mortgage.
- Refund of overpaid interest: Reimbursements of overpaid interest aggregating $600 or more.
- Mortgage insurance premiums: Enter total premiums of $600 or more paid (received) in the current tax year, including prepaid premiums, for qualified mortgage insurance.
- Points paid on purchase of principal residence: Points must be reported if the points, plus other interest on the mortgage, are $600 or more.
- Check if address of property securing mortgage is the same as payer's/borrower's address: If the address of the property securing the mortgage is the same as the payer’s/borrower’s mailing address, check this checkbox and leave the address and description of the property blank.
- Address or description of property securing mortgage: If the address of the property securing the mortgage is not the same as the payer's/borrower's mailing address or you did not complete box 7, enter the street address (including the apartment number, if applicable) of the property securing the mortgage.
- Immediately below the address, enter the city or town; state or province; country; and ZIP or foreign postal code of the property securing the mortgage.
- If the property securing the mortgage has no address, enter the property's jurisdiction and the property's Assessor Parcel Number(s).
- Number of properties securing the mortgage: Complete only if more than one property secures the mortgage. Enter the total number of properties secured by the mortgage.
- Other: Additional information reported to Payer/Borrower.
- Mortgage acquisition date: If the recipient/lender acquired the mortgage in the current tax year, enter the date of acquisition.
- Click Save.
Creating Form 1098-E
- Click on the Payer List button.
- Double click on the payer name.
- Select the recipient to add the form to.
- Click on the Add Form button.
- Select 1098-E from the Form Type drop down menu.
- Fill in the necessary fields on the form:
- Corrected: Check this box if it applies.
- Student loan interest received by lender: Total interest received from an individual student loan of $600 or more during the year in the course of trade or business.
- Box 1 does NOT include loan origination fees and/or capitalized interest, and the loan was made before September 1, 2004 (if checked): Check this box if it applies.
- Account Number: A number assigned to recipient by the payer. This field is optional except for the following cases:
- The recipient has multiple returns for the same return type.
- The returns are filed using the E-file Center.
- Click Save.
Creating Form 1098-T
- Click on the Payer List button.
- Double click on the payer name.
- Click on the Recipient List button.
- Select the appropriate Recipient to create Form 1098-T.
- Click on the Add Form button.
- Select 1098-T from the Form Type drop down menu.
- Fill in the necessary fields on the form:
- Corrected: Check this box if it applies.
- Check to certify that the 1098-T filer solicited the student’s TIN in writing: If the filer solicited the student’s TIN in writing (Form W-9S or other form), check the box.
- By checking the box and filing Form 1098-T with the IRS, the filer certifies under penalty of perjury that the filer has in good faith complied with the standards in regulation section 1.6050S-1 governing the time and manner of soliciting the taxpayer identification number of the student.
- Account Number: A number assigned to recipient by the payer. This field is optional except for the following cases:
- The recipient has multiple returns for the same return type.
- The returns are filed using E-file Center.
- Payments received for qualified tuition & related expenses: Total payments received for qualified tuition and related expenses less any related reimbursements or refunds.
- Adjustments made for a prior year: Any adjustment made for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T.
- This amount may reduce any allowable education credit you may claim for the prior year.
- Scholarships or grants: Total of all scholarships or grants administered and processed by the eligible educational institution.
- The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of any allowable tuition and fees deduction or the education credit you may claim for the year.
- Adjustments to scholarships or grants for a prior year: Adjustments to scholarships or grants for a prior year.
- This amount may affect the amount of any allowable tuition and fees deduction or education credit you may claim for the prior year.
- The amount in Box 1 includes amounts for an academic period beginning January - March XXXX: Check if this box applies to the recipient. (XXXX = next fiscal year).
- Check if at least half-time student: Check if this box applies to the recipient.
- Check if graduate student: Check if this box applies to the recipient.
- Insurance contract reimbursements or refunds: Total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer.
- The amount of reimbursements or refunds for the calendar year may reduce the amount of any allowable tuition and fees deduction or the education credit you may claim for the year.
- Click Save.
Creating Form 1098-C
- Click on the Payer List button.
- Double click on the payer name.
- Select the recipient to add the form to.
- Click on the Add Form button.
- Select 1098-C from the Form Type drop down menu.
- Fill in the necessary fields on the form:
- Corrected: Check this box if it applies.
- Account Number: A number assigned to recipient by the payer. This field is optional except for the following cases:
- The recipient has multiple returns for the same return type.
- The returns are filed using the E-file Center.
- Date of contribution: The date the motor vehicle, boat, or airplane was received from the donor.
- Odometer mileage: For donations of motor vehicles, enter the odometer reading (in miles) of the vehicle. Leave the odometer mileage blank for donations of boats and airplanes.
- Vehicle Year, Make, and Model: Enter this information in the order stated.
- Vehicle or other identification number:
- A motor vehicle ID number is 17 alpha/numeric characters.
- The vehicle's owner's manual will indicate the location.
- A boat's hull ID number is 12 characters and usually located on the starboard transom.
- An aircraft ID number is 6 alpha/numeric characters and located on the tail of the U.S. aircraft.
- Donee certifies that vehicle was sold in arm's length transaction to unrelated party: Check this box if it applies.
- Date of sale: Enter the date that the vehicle was sold if the checkbox on line 4a is checked.
- Gross proceeds from sale: Enter the gross proceeds from the sale of the vehicle if the checkbox on line 4a is checked. This is generally the sales price. Do not reduce this amount by any expenses or fees.
- Donee certifies that vehicle will not be transferred for money, other property, or services before completion of material improvements or significant intervening use: Check this box if it applies.
- Donee certifies that vehicle is to be transferred to a needy individual for significantly below FMV in furtherance of donee's charitable purpose: Check this box if it applies.
- Description of material improvements: Describe in detail the intended material improvements to be made by the organization or the intended significant intervening use and duration of the use by the organization.
- Did you provide goods or services in exchange for the vehicle?: Check Yes, if donee provided goods or services in exchange for the vehicle.
- Value of goods and services provided in exchange for the vehicle: Provide a good faith estimate of the value of those goods and services including intangible religious benefits.
- Description of the goods and services: Describe in detail the goods and services, including intangible religious benefits, that were provided to the donor.
- If this box is checked, donee certifies that the goods and services consisted solely of intangible religious benefits: Check this box if it applies.
- Under the law, the donor may not claim a deduction of more than $500 for this vehicle if this box is checked: Check this box if it applies.
- Click Save.