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Facts about the 1098 2016 PDF template

The 1098 form is a general form used by the Internal Revenue Service (or IRS) for calculating a certain type of deduction on the Schedule A tax form. Specifically, the 1098 form is used to assert that you paid interest and mortgage expenses over the past tax year. The 2016 1098 form is used to indicate these expenses from the 2015-2016 fiscal year.

Why is the 1098 form 2016 PDF used for?

There are four unique forms with the 1098 number, with each providing a different function for tax deductions. The standard 1098 form is used to specify exactly how much you paid in tax-deductible income on a mortgage during the tax year as long as the amount is over $600. This includes interest payments and mortgage-related expenses.
The 1098-T is a form related to post-secondary tuition. If you receive a grant or fellowship through a university or independently, this form may be filled out. The 1098-C is used when any vehicle €” for example, a car, truck, or boat €” is donated to a charitable organization to determine how much the donation was worth. The 1098-E is perhaps the most widely used now, as it details interest paid on student loans over the tax year. Unlike the above 1098 forms, individual taxpayers may receive this form even if less than $600 was paid in interest over the tax year.

Who Would Use the 1098 form 2016 PDF?

If you know you paid over $600 in interest or expenses on a single mortgage in the 2016 tax year, then the 1098 form is the right form to use for you. The 1098-E is useful if you paid any amount of student loan interest, as using it may allow you to deduct some portion of your income from taxes. Graduate students or those working in higher education may find the 1098-T useful, though the university will usually let those who could use this 1098 form know that it’s an option.

When Should You Use the 1098 form 2016 PDF?

The best time to use the 1098 form for 2016 has already passed, as it was primarily used to calculate tax deductions for the 2016 tax year.

What are the Consequences for not Using a 1098 form 2016 PDF?

Repercussions for not using the 1098 form are not terrible, though you will lose money that you could otherwise claim as tax-free. This means that you will be paying the government more in taxes than you necessarily have to. This can be amended within a certain time period in order to receive any tax credits emerging from your 1098 forms. However, if you neglect the 1098-T purposefully you are willingly committing tax fraud. This can lead to severe consequences such as wage garnishment or severe fines.

Steps for Filling Out a 1098 form 2016 PDF Form

  1. Download the official form from the Internal Revenue Service’s website. If you have received a copy of the 1098 form from your mortgage lender or another source, you can use that instead of filling out your own or use it as a reference for yours.
  2. Fill in the lender’s name, address, and telephone number, along with their TIN.
  3. Fill in your name, address, and telephone number. Include your TIN as well.
  4. Specify the number of properties involved in the mortgages you are using in the 1098 form and the address of the property involved.
  5. Specify details about the mortgage, including interest paid in the tax year, the outstanding principal, and premiums.
  6. Refer to your main tax forms to calculate what credits you’re eligible for.

Quick Questions

A: If you’ve repaid student loans in the past year with interest, then you should use the 1098-E. If you get scholarships or grants through a higher education institute, then you should use the 1098-T. The 1098-C is used for charitable donations of a vehicle. The standard 1098 form should be used if interest over $600 was paid on a current mortgage.

A: No, the 1098 form is not required to be sent to you from the lender if you paid less than $600 to that lender. However, you can still deduct the interest if you would like.

A: No. The 1098’s threshold is per mortgage, so each interest amount needs to be over $600 in order to get the 1098 form. Only individual mortgages that have received more than the amount in that tax year can receive 1098 forms.

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