How to enter payer and recipients on form 1098

The 1098 Mortgage Interest Statement form is formatted slightly different than many other 1099 series forms.  On the 1098 Mortgage Interest Statement form, the recipient is considered to be the lender and the payer is considered to be the borrower.  The recipient/lender section is listed first on the form and the payer/borrower section is listed second.

In some cases, the verbiage of the form can cause confusion in conjunction with the wording on the Yearli website.  To assist in filling out the 1098 form correctly, please refer to the section below that best describes your situation.

Manual data entry by form

To complete the 1098 form by entering data onto the actual form image:

  1. Log in to your Yearli account.
  2. Click on Start New Forms.
  3. Select Data Entry.
  4. Select the 1098 form type button.
  5. On the 1098 form enter the lender's information in the top section called Recipient/Lender.  Commonly this is the bank, credit union, or lending institution information.
  6. In the recipient's federal identification number field enter the lender's EIN or SSN.
  7. In the payer's social security number field enter the borrower's SSN.
  8. Enter the borrower's information in the Payer/Borrower section.  Commonly this is the individual or organization that borrowed the money.
  9. Complete the account number and dollar amount fields as needed.
  10. Click Save and then Next.

Manual data entry by Manage Payers/Recipients

In some cases it is beneficial to pre-enter all of the payers and recipients before entering each individual form.  This allows you to select the payer and recipient information from drop-down menus to auto-populate the actual form.

To enter the payer and recipient information first, please do the following:

  1. Log into your Yearli account.
  2. Click on the Manage Payers and Recipients button at the bottom of the page.
  3. Choose the desired payer from the list or begin data entry if it will be a new payer.
  4. Enter the lender information into the payer section.
  5. Once all information has been entered, click the Save button.  Note: Unlike the actual form image, the lender information is considered a payer in Manage Payers and Recipients. This is because there will be only one lending institution with several borrowers listed under it.
  6. Scroll down to the Recipient Information section.
  7. Enter the borrower's information.
  8. Select the Save button when complete.
  9. Enter additional borrowers by following steps 7 and 8.
  10. When all lenders and borrowers are entered, select Your Filing Home.
  11. Click on Start New Forms.
  12. Select Start Form.
  13. Click the 1098 form type button.
  14. On the 1098 form, select the lender's information from the Select Recipient drop-down menu in the top section called Recipient/Lender.  This will prefill all of the lender's information on the form.
  15. Select the borrower's information from the Select Payer drop-down menu in the lower section called Payer/Borrower.  This will prefill all of the borrower's information on the form.
  16. Complete the account number and dollar amount fields as needed.
  17. Click Save and then Next.

Excel or .CSV import

If you are considering filing a large quantity of 1098 forms, you may wish to use the Excel import option on Yearli.  In this instance, we recommend downloading our sample file for 1098 forms.

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