Which loans will receive a Form 1098?

You can get here by clicking Regional > United States > Form 1098 – Mortgage Interest Statement from the main menu.

Moneylender will display a list of all loans with payments during the tax year. Using the controls on this window, you can adjust who should receive a 1098 form.

By default, Moneylender will exclude loans with reportable amount below the requirements for filing a form 1098. Moneylender will also exclude loans where the primary borrower has information in the Company field of their record, as Form 1098 should not be sent for businesses / commercial borrowers.

Making Broad Changes

This form has several buttons for broadly changing the selections.

Set All Property Addresses buttons:

Auto – this is how the options are set when the form is first displayed. Any loans with information in the Collateral field will be set to use the Collateral as the property address. If collateral is blank, Moneylender will check if the physical and mailing addresses are the same. If they differ, and the physical address is not blank, then the physical address is chosen. Otherwise, the mailing address is marked as the property address.

Mailing – All borrowers will be set to use the mailing address as the address of the mortgaged property.

Physical – All borrowers will be set for the contents of the physical address to be the property.

Collateral – Set all loans to use the collateral field for the mortgaged property.

There are three checkboxes in the column headings on the list, which can be used to easily check or uncheck all the loans.

Include – This box has three states, and clicking will cycle between them:

Intermediate – (The default setting) Will check all loans at or above the IRS threshold for reporting a 1098 and do not have anything in the borrower’s company field. Loans with less than the cutoff or with a company in the primary borrower will be unchecked.

Checked – Will check the include box for all loans.

Unchecked – Will uncheck the include box for all loans.

Taxes – Toggles whether all loans with property taxes disbursed from their escrow accounts are checked or not checked.

Mtg.Ins. - Toggles the checkbox on all loans with non-zero mortgage insurance disbursements from their escrow account.

Making Individual Changes

Once you have used the buttons and heading checkboxes to generally set all the loans correctly, review each loan and make individual adjustments on each row.

Include Checkbox – Checking the unlabeled checkbox at the left of a row indicates that a 1098 should be generated and reported for this loan. When checked, the row is blue to show it is active. When unchecked, the row will turn gray and this loan will not emit a 1098 form during later steps.

Taxes Checkbox – In the Taxes column, the checkbox next to the amount of the taxes can be toggled to include or omit the property taxes on the 1098 form. While this information is not required, it is commonly included on the 1098 since the borrower will need this information when filing their taxes.

Mtg.Ins. Checkbox – The checkbox next to the amount disbursed from the escrow account for mortgage insurance can be used to include or omit that amount from the 1098 form. By default, non-zero amounts are checked. Zero amounts should be reported as blanks, and so are not checked by default.

Property Address – This drop-down allows you to select the correct address for the property securing the mortgage, whether it is the same as the mailing address, the borrower’s physical address, or recorded in the loan collateral field. The value of the chosen address is shown in the preview column to the right for reference.

When each of the loans that will require a 1098 form for the tax year is checked, and the property and other settings are set correctly, press Continue to proceed.