1098 Forms for Mortgage, Tuition, and Interest

Posted by Kate on January 15, 2013

What is a 1098 Form?

A 1098 tax form is used to report certain types of deductible interest or qualified payments that a taxpayer makes during the tax year. You can deduct this amount from your Gross Income to lower your Adjusted Gross Income or your final tax liability, meaning you will pay less in taxes. The most common use of the 1098 form is probably for homeowners.

What Are Some Specific Types of 1098 Forms?

How Do I Get My 1098 Forms?

The financial institution that you have borrowed from will issue your 1098 form for mortgage and student loan interest. Your university should provide 1098-T forms for you to take education tax credits if you qualify. In the case of donating a vehicle, the charity that you donated to should be able to provide you with the proper forms.

IRS 1098 Forms

The IRS 1098 form and 1098 form instructions are available on the IRS website.

Where Do I Report 1098 Forms?

When you file your taxes, you’ll report your 1098 forms in various places. The mortgage 1098 form will be listed on your Itemized Deductions on Schedule A.

Student Loan interest will be reported on your 1040 Form.

Finally, education expenses on a 1098 T will either be reported as a Tuition Tax Credit on form 8863, or as a Tuition and Fees Tax Deduction on 8917 Form.

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