IRS Form 1098 (Tax Year 2024)
Mortgage Interest Statement
Software
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- Requires a TCC code issued by the IRS and IDme account.
- Software validates data before you transmit to the IRS.
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Software Advantages
It's Secure: Transmit your data directly to the IRS or to any specific state portal. Your data is not transmitted via the cloud or any third party.
Excel Integration: Import your data from excel (xls, xlsx). Download your sample excel file
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Print: Copy B can be printed on plain paper with black ink. No additional forms need to be purchased. Designed to be tri-folded into a standard,
#10 size, double window envelope.
Files are processed faster with fewer errors: Our software does an excellent job of detecting errors before you transmit your data to the IRS.
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Outsourcing Advantages
We can print, mail and electronically file on your behalf originals or corrections for current or prior tax years to the IRS through the Combined Federal/State
program and to any specific states.
Assigned Representative: Every customer is assigned a dedicated representative who provides personalized support with at least 15 years of tax filing experience.
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No TCC or ID.me Account Required: The service eliminates the need for obtaining Transmitter Control Codes (TCC) or verifying identity through ID.me, which can be
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High Volume & Complex Filing Capabilities: 1099FIRE is equipped to manage large volume filings, multiple payers, and handle state filings, bulk TIN
matching, and more, including transmission through the Combined Federal/State Filing (CFSF) program.
Why do I need to call for a quote? Every project is different, and a one-size-fits-all approach simply won't do. Calling us for a custom quote will ensure that our team can
thoroughly understand your specific needs and provide a solution that's perfect for you. Sales can be reached at (480) 706-6474.
New Electronic Filing Mandate
IRS mandates electronic filing of 10 or more information returns. The new threshold is effective for information returns beginning tax year 2023. FIRE TCC holders who submitted their TCC
application prior to September 26, 2021, must complete and submit a new application and verify their identity through ID.me, an IRS provider of sign-in services.
You can only paper file information returns to the IRS if you have 10 or fewer aggregate returns to file. If you have more than 10 information returns of any one type
(such as Forms 1099, W-2, or 1098), the IRS mandates electronic filing instead of paper filing.
More companies are moving to third party efiling solutions due to this new threshold and efiling requirements. Contact 1099FIRE at (480) 706-6474 for more information
on outsourcing solution.
Originals, Corrections, Prior Years
Not a problem. Our software and outsourcing services are capable of meeting your needs. Print and electronically file originals or corrections for current or prior tax years.
About IRS Form 1098
IRS Form 1098, also known as the Mortgage Interest Statement, is a tax form used by individuals and organizations to report the amount of interest and related expenses
paid on a mortgage during the tax year. The form is primarily issued by lenders to borrowers, providing the necessary information for mortgage interest deductions.
Who Receives Form 1098: Borrowers who pay $600 or more in mortgage interest in a year receive a copy. The form must be sent to them by January 31 of the following year.
Who Issues Form 1098: Lenders or financial institutions that receive at least $600 in mortgage interest from an individual during the year must issue this form to both
the IRS and the borrower.
Purpose of Form 1098: It helps the borrower (typically a homeowner) deduct mortgage interest, points paid, and mortgage insurance premiums on their tax return, provided they
itemize deductions rather than taking the standard deduction.
Due Date: Furnish Copy B to the borrower by January 31. File electronically by March 31.
Form 1098 is crucial for homeowners who itemize deductions, as it allows them to potentially lower their tax liability through the mortgage interest deduction.
