2015 Instructions for Form 1098

Form 1098 is not a tricky form…. Form 1098 Mortgage Interest Statement is simply that, it’s the statement that reports the amount of interest paid, points paid on purchase of principal residence, and refund of overpaid interest (which must be a positive number).

In my experience, the trickiest part of the 1098 is where to enter in the negative interest amount, or the refunded interest amount.  This goes in Box 3 as a positive number.

If you would like some light reading for this 4th of July weekend, you can look over the instructions on Form 1098. i1098

E-File Magic Application is incredibly simple to use! Try us out with no obligation to buy a software license!!

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2015 Instructions for 1097-BTC

As the old saying goes; when life gives you lemons, make lemon-aid.  The same can be said for Bond Tax Credits; when you give out certain tax bond credits, make Form 1097-BTC!  For your reading pleasure, I have included the instructions for Form 1097-BTC.  I will also remind you that the E-File Magic Application is the easiest application out there for you to make many IRS Filing forms, including 1097-BTC.  i1097btc

Expected Release Date for 2015 E-File Magic Application

At the E-File Magic Headquarters in sunny Portland, Oregon, we are working diligently to get the our application updated with the 2015 Forms for all of our customers.  We have phone calls pouring in with inquiries about when the updated forms will be ready for use.  I am happy to say it will be ready for use in November!

Until November, you can still use the E-File Magic Application to make new 1099’s or corrections on previous year data, you are also capable of creating 2015 W2-G and 1098-C Forms.

And as always, E-File Magic is open all year long. So, if you have questions or need some help you can contact us via email or phone.