At a Glance
Three New Forms, One Pattern
Every few years Congress creates a new information return. For 2026 it created three at once, each tied to a recent law: SECURE 2.0's penalty-free retirement distributions for long-term care premiums, and the One Big Beautiful Bill Act's car loan interest deduction and Trump accounts. Different filers, different data, but one shared operational fact: none of these forms can be filed through the legacy FIRE system. The IRS built them IRIS-native, with no Publication 1220 fixed-width layout at all.
The Forms at a Glance
| Form | Reports | Who Files | IRS Deadline (First Season) |
|---|---|---|---|
| 1099-LPS | Payments received for long-term care premiums, identifying the payer and the insured | Long-term care insurance issuers | March 31, 2027 |
| 1098-VLI | Vehicle loan interest received ($600+), with the vehicle's year, make, model, and VIN | Auto lenders, banks, credit unions, captive finance | March 31, 2027 |
| 5498-TA | Trump account contributions by type, plus basis and year-end fair market value | Account trustees and custodians | June 1, 2027 (no 8809 extension) |
Why "IRIS-Only" Matters
Institutions that have filed 1099s for decades usually have a pipeline built around FIRE flat files. For these three forms that pipeline is a dead end: there is nothing to convert, because no FIRE format was ever published for them. The practical consequences:
- New filers must start on IRIS. If these forms are your organization's first information returns, skip FIRE entirely: it is being retired anyway.
- Existing FIRE filers need a second path. A carrier filing 1099-LTC through FIRE still needs an IRIS XML path for the 1099-LPS. Running both is possible but consolidating onto IRIS is simpler.
- The 10-return e-file mandate applies. Virtually all institutional filers must file these electronically, which in practice means IRIS XML or a provider that produces it.
Our IRS IRIS pillar guide covers the system itself: registration, TCCs, schemas, and testing.
Where Each Form Came From
1099-LPS: SECURE 2.0 Section 334
Retirement plan participants can now take penalty-free distributions to pay certified long-term care premiums. The 1099-LPS is the premium-side paper trail: insurers report what they actually received, so distributions can be matched against real coverage.
1098-VLI: The OBBBA Car Loan Interest Deduction
The One Big Beautiful Bill Act created a temporary deduction for interest on qualified new passenger vehicle loans. Borrowers substantiate it with the 1098-VLI the same way homeowners use the 1098 for mortgage interest. The IRS granted transitional relief for 2025, making tax year 2026 the first mandatory filing year.
5498-TA: Trump Accounts
The same law created Trump accounts for children, with a federal pilot contribution, capped family contributions, and employer contributions under new Code Section 128. The 5498-TA is the trustee's annual account statement to the IRS. The distribution side surfaces on the 1099-R, which also changed for 2026.
What Filers Should Do Now
- Identify your population. Which loans, policies, or accounts will be reportable for calendar year 2026? The data collection starts now, not in January 2027.
- Check your TIN data. The 1099-LPS needs two verified TINs per form (payer and insured); the 1098-VLI needs borrower TINs plus clean VINs.
- Pick your IRIS path. Direct IRIS filing means TCC applications, schema work, and testing windows. A provider like BoomTax handles the XML, the transmission, and the recipient copies.
Go Deeper by Form
Each new form has its own set of guides beyond the what-is and due-date basics:
1098-VLI
- The car loan interest deduction and Form 1098-VLI
- Which vehicle loans require a 1098-VLI
- I received a 1098-VLI: what do I do with it?
1099-LPS
- Reporting long-term care premiums: a guide for insurance issuers
- Who is the insured on Form 1099-LPS?
5498-TA
- Trump accounts: a reporting guide for trustees and custodians
- Section 128 employer contributions to Trump accounts
IRIS Portal
Free manual entry of your new 2026 forms in the IRS portal. Best for a handful of returns.
High manual effortBuild XML In-House
A brand-new schema, your own TCC, and IRS testing windows. Months of development.
High dev costImport Your your new 2026 forms Data
You can import your data as Excel, XML, or use files from popular payroll providers like QuickBooks, UKG, ADP, and many more.
Step-By-Step Wizard
We walk you through the process with no complicated jargon. You can also live chat with a real person as you work on your filing for hands-on help.
E-File & Mail Employee Copies
Once your data is loaded, you can e-file and distribute employee copies in minutes.
Frequently Asked Questions About the New 2026 Forms
Three forms that have never existed before: Form 1099-LPS (long-term care premiums received by insurers), Form 1098-VLI (vehicle loan interest received by auto lenders), and Form 5498-TA (Trump account contributions reported by trustees).
No. None of the three has a FIRE transmission format or a Publication 1220 layout, so there is nothing to convert: all three are filed exclusively through IRIS as XML, either directly or through a provider that produces IRIS XML.
Each one is tied to a recent law: SECURE 2.0's penalty-free retirement distributions for long-term care premiums created the 1099-LPS, and the One Big Beautiful Bill Act's car loan interest deduction and Trump accounts created the 1098-VLI and the 5498-TA.
Passionate about making tax compliance simple so businesses can focus on what matters.
BoomTax and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors prior to engaging in any transaction.