IRS Form 1098 Series: Complete Guide to All 1098 Forms

Form 1098 reports mortgage interest paid by borrowers during the tax year. Lenders, including banks, credit unions, and mortgage companies, must file this form for each borrower who paid at least $600 in mortgage interest.

Key information reported on Form 1098:

• Mortgage interest received from the borrower
• Points paid on the purchase of a principal residence
• Mortgage insurance premiums
• Outstanding mortgage principal balance
• Property address securing the mortgage
• Number of properties securing the mortgage

Homeowners use Form 1098 to claim the mortgage interest deduction on Schedule A (Form 1040) if they itemize deductions. The deduction is limited to interest on up to $750,000 of qualified residence loans ($375,000 if married filing separately).

Form 1098-E reports student loan interest paid by borrowers during the tax year. Lenders must file this form for each borrower who paid at least $600 in student loan interest.

Key information reported on Form 1098-E:

• Student loan interest received from the borrower
• Whether the loan originated before or after September 1, 2004

Taxpayers can deduct up to $2,500 of student loan interest paid, even if they do not itemize deductions. This is an "above-the-line" deduction taken on Schedule 1 (Form 1040). Income limits apply: the deduction phases out for modified AGI between $75,000-$90,000 (single) or $155,000-$185,000 (married filing jointly).

Form 1098-T reports tuition and related expenses paid to eligible educational institutions. Colleges, universities, and vocational schools must file this form for each enrolled student.

Key information reported on Form 1098-T:

• Payments received for qualified tuition and related expenses
• Scholarships and grants received
• Adjustments to prior year amounts
• Half-time enrollment status
• Graduate student status

Students and parents use Form 1098-T to claim education tax benefits including:

• American Opportunity Credit: Up to $2,500 per eligible student
• Lifetime Learning Credit: Up to $2,000 per tax return
• Tuition and Fees Deduction: Up to $4,000 (when available)

Form 1098-C reports charitable donations of motor vehicles, boats, and airplanes. Donee organizations must file this form when the claimed value of a donated vehicle exceeds $500.

Key information reported on Form 1098-C:

• Date of contribution
• Vehicle identification number (VIN) or hull identification number
• Whether the vehicle was sold without material improvements
• Gross proceeds from the sale (if sold)
• Description of material improvements or significant use by the charity

The donor's deduction depends on how the charity uses the vehicle. If the charity sells the vehicle without significant use or improvement, the deduction is limited to the gross proceeds from the sale.

1098 series forms follow the standard information return deadlines:

Form 1098-C Exception: The written acknowledgment (Copy B) must be furnished to the donor within 30 days of the sale of the vehicle or within 30 days of the contribution, whichever is earlier.

For complete deadline information including weekend adjustments, see our Form 1098 Filing Deadlines.

Different entities are responsible for filing each 1098 form:

• Form 1098: Lenders who receive $600+ in mortgage interest from a borrower
• Form 1098-E: Lenders who receive $600+ in student loan interest from a borrower
• Form 1098-T: Eligible educational institutions for each enrolled student
• Form 1098-C: Charitable organizations that receive vehicle donations with claimed value over $500

Mandatory E-Filing: If you file 10 or more information returns of any type, you must file electronically.