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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 11609
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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This question is in regards to 1098 Reporting as it relates

Customer Question

This question is in regards ***** ***** Reporting as it relates to Credit Card portfolio. 1. Is any sort of Form 1098 Reporting required by Financial Institutions for credit card customers? 2. Should 1098’s be reprinted with corrected amounts when a back dated
payment crosses over year end?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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I hold J.D. (Duris Doctorate -a Doctoral degree in the law), MBA (Finance & Tax specialization), a BBA from Mercer University's Stetson School of Business & Economics, as well as CFP and CRPS (Chartered Retirement Plans Specialist) designations

I can help here

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Credit Card issuers do not issue 1098's

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The original 1098 is used to report mortgage interest to the Federal Government, as well as to the person who paid the interest. That person can then deduct the interest they paid on Schedule A.

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If you donate a vehicle to a charitable organization (this also includes boats and airplanes), you’ll receive a 1098-C.

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Student loan servicers send a 1098-E detailing interest paid.

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If you are or one of your dependents is currently in school, the school will send a 1098-T detailing all fees that were paid to it for tuition and other qualified educational expenses.

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But again, credit card issuers do not send 1098's

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Here's a good overview from intuit

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Lane

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Customer: replied 1 year ago.
Thank you. Outside of Credit Card...for regular mortgages my question is should 1098’s be reprinted with corrected amounts when a back dated payment crosses over year end?
Expert:  Lane replied 1 year ago.

Sorry ... didn't see your follow-up

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Yes, the assumption is that the receiver is a calendar year, tax basis taxpayer. So the 1098 should only reflect constructive receipt in the tax year.

Expert:  Lane replied 1 year ago.

Hi,

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I'm just checking back in to see if you saw my answer.

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Let me know if this helped.

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Let me know if you need more here too.

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If you don't have any other questions on this, I'd really appreciate a positive rating (using those stars on your screen) … That's the only way I'll be credited with a portion of what you've paid JustAnswer.com

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Thank you,

Lane

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