What are the IRS Form 1098 Due Dates for 2022-23

The IRS instructs taxpayers to use Form 1098 to report the mortgage interest of $600 or more that they receive during their trade or business in the tax year. There are two primary purposes of this tax Form. Lenders use them to report interest payments exceeding $600 for the tax year. Homeowners use this form to calculate the total amount of interest they pay during the year.

Different types of 1098 Forms and their deadlines

If a taxpayer has paid $600 or more as interest towards their mortgage, then the lender would send them Form 1098. These Forms are generally issued by the lender or the entity that receives the interest from the borrower (taxpayer). Those who paid less than $600 will not receive Form 1098. The different types of 1098 Forms and their filing deadlines are as follows.

1. Form 1098-C:

This tax Form records information on the donations of automobiles, including boats and airplanes, to charitable organizations, giving them to the needy at a lower price. The recipient organization will report this tax Form. The deadline for e-filing this tax Form is 31^st March, and paper filing is 28^th February. It has to be sent to the recipient 30 days from the contribution date.

2. Form 1098-Q:

It reports the purchase of contracts intended to be a longevity annuity for the tax year. The deadline for e-filing this tax Form is 31^st March, and paper filing is 28^th February. It has to be sent to the recipient 30 days from the contribution date.

3. Form 1098-E:

This tax Form reports the interest paid on qualified student loans during the tax year. The interest paid would be deducted by the taxpayer and would be sent by the lending institution if at least $600 was paid as interest. The deadline for e-filing this tax Form is 31^st March, and paper filing is 28^th February. It has to be sent to the recipient by 31^st January.

4. Form 1098-F:

This Form is for taxpayers to report their payments under a court order, suit, or agreement concerning violation of law, etc. The deadline for e-filing this tax Form is 31^st March, and paper filing is 28^th February. It has to be sent to the recipient by 31^st January.

5. Form 1098- MORT:

Also referred to as Mortgage interest tax Form, it reports the mortgage interest payments made on a property, such as land or building. This Form is predominantly used by banks and businesses that offer mortgage loans to purchase real property. The deadline for e-filing this tax Form is 31^st March, and paper filing is 28^th February. It has to be sent to the recipient by 31^st January.

6. Form 1098-T:

This tax Form provides information regarding the tuition and other related students paid for the students during the tax year. Though these are filed on the part of educational institutions, taxpayers can use them to calculate education-related credits and deductions. The deadline for e-filing this tax Form is 31^st March, and paper filing is 28^th February. It has to be sent to the recipient by 31^st January.

Following the deadline for these 1098 tax Forms to prevent fines and penalties is crucial. Tax2efile will help taxpayers keep track of the filing due dates and help in e-filing them within the deadline.