[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-301923-105":3,"detail-sidebar-cat-1-en-105":80,"doc-detail-301923-en":126},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":73,"head_meta":75,"extra_data":77,"updated_unix":79},105,"en","changes-to-1098-reporting-mortgage-interest-statement-date-51816","Changes to 1098 Reporting Mortgage Interest Statement - Date 5/18/16","","Changes to 1098 Reporting Mortgage Interest Statement detail updated reporting requirements tied to the 2016 tax year for credit unions. The IRS added mortgage insurance premium reporting in box 5 for borrowers paying $600+ and expanded Form 1098 to include property address or description, outstanding mortgage principal as of January 1, 2016, and the mortgage origination date. 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If Box 7 is N, Box 8 is populated from the collateral record address; if Box 7 is Y, Box 8 is left blank.","https://schema.org",{"og:url":32,"og:type":74,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":76,"canonical":32},"index,follow",{"doc_id":78,"site_id":7},301923,1790325542,{"code":4,"msg":81,"data":82},"success",[83,88,93,98,103,108,112,117,122],{"id":84,"doc_module":22,"doc_module_name":25,"category_name":85,"show_sort_weight":86,"slug":87},11,"Presentations",90,"presentations",{"id":89,"doc_module":22,"doc_module_name":25,"category_name":90,"show_sort_weight":91,"slug":92},12,"Resumes",80,"resumes",{"id":94,"doc_module":22,"doc_module_name":25,"category_name":95,"show_sort_weight":96,"slug":97},14,"Invoices",70,"invoices",{"id":99,"doc_module":22,"doc_module_name":25,"category_name":100,"show_sort_weight":101,"slug":102},15,"Posters",60,"posters",{"id":104,"doc_module":22,"doc_module_name":25,"category_name":105,"show_sort_weight":106,"slug":107},16,"Social Media",50,"social-media",{"id":109,"doc_module":22,"doc_module_name":25,"category_name":29,"show_sort_weight":110,"slug":111},17,40,"forms",{"id":113,"doc_module":22,"doc_module_name":25,"category_name":114,"show_sort_weight":115,"slug":116},18,"Letters",30,"letters",{"id":118,"doc_module":22,"doc_module_name":25,"category_name":119,"show_sort_weight":120,"slug":121},21,"Paper Templates",5,"papers-templates",{"id":123,"doc_module":22,"doc_module_name":25,"category_name":124,"show_sort_weight":4,"slug":125},158,"General","general-158",{"code":4,"msg":81,"data":127},{"doc_id":78,"user_id":128,"nickname":42,"user_avatar":129,"doc_module":22,"category_id":109,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":33,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":30,"language":135,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":12,"update_tm":139,"read_time":22},962084925290,"https://ap-avatar.wpscdn.com/davatar_085a072bc5b1113ac321206ff7593b45","Changes to 1098 Reporting Mortgage Interest Statement  \nDate 5/18/16  \nSpec Writer: Karen Systems Affected:  \n􀀻 CU*BASE  \nProject \\#  42180   \nProgrammer analysis needed.  \nThis project includes changes to reporting requirements for Form 1098: Mortgage Interest Statement required for the 2016 tax year. See below for detail.  \nChanges to the 2016 Form 1098: Mortgage Interest Statement  \n(from the NAFCU Compliance Blog)  \nWritten by Victoria Daka, Regulatory Compliance Counsel  \nWhile credit unions complete tax reporting requirements for 2015, we thought it would be a good time to note that next year there will be changes to this process. A new law passed in July, 2015 included additional reporting requirements for credit unions that receive mortgage interest. Just to be clear, this will impact next year's reporting, as it applies to mortgage interest received in 2016.  \nTo meet this law's requirements, the Internal Revenue Service added two additional reporting requirements andresized the 2016 version of Form 1098. Credit unions will be required to report mortgage insurance premiums inbox 5. This still applies only where a borrower pays a credit union $600 or more in mortgage interest on any one mortgage during the calendar year. Second, credit unions must report the address or description of property securing the mortgage, the outstanding mortgage principal as of January 1, 2016, and the mortgage origination date. Additionally, Form 1098 has increased in size from a 3-to-a-page to a 2-to-a-page format.  \nBelow is a summary from the Form 1098's 2016 instructions on the additional requirements:  \nMortgage insurance premiums. Report mortgage insurance premiums paid of $600 or more in box 5. Reporting is required under section 6050H(h) .  \nNew reporting requirements. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 contains new reporting requirements for recipients of mortgage interest. For forms 1098 issued to payers after December 31, 2016, you must report the address or description of property securing the mortgage, the outstanding mortgage principal as of January 1, 2016, and the mortgage origination date.  \nForm resized. Due to the modification of reporting requirements by P. L. 114-41, sec. 2003, the official IRS Form 1098 has increased in size from a 3-to-a-page to a 2-to-a-page format, beginning with tax year 2016. The revised form can be found [at www.irs.gov/form1098](at www.irs.gov/form1098) .”  \nThe instructions for 2016 Form 1098 are available here. The revised form can be found here. Again, this is not for the 2015 tax year, but for any 1098 forms sent after December 31, 2016.  \nSuggested content for the Release Summary (sales pitch, geared toward credit unions):  \nYear-end tax reporting for Form 1098 Mortgage Interest Statement has been updated to include new mortgage loan information required by the IRS for the 2016 tax year. In addition, the form is re-sized to 2-on-a-page rather than 3-on-a-page. SHOW SAMPLE OF NEW FORM  \nContents  \n1098 Form Samples ...................................................................................................................................................2  \n1098 for 2015 .........................................................................................................................................................2  \nNEW 1098 for 2016 ................................................................................................................................................2  \nSummary of Program Changes ..................................................................................................................................3  \n1098 for 2015  \nNEW 1098 for 2016  \nThe following program changes are anticipated with this project:  \n􀂆 Changes to the tax creation program and other changes (need programmer input) based on the added boxes listed below:  \n\n| Box \\# | Description | Gather Data From |\n| --- | --- | --- |\n| 2 | Out","cbCaisDNzx1nTl7d","https://ap.wps.com/l/cbCaisDNzx1nTl7d","pdf",466364,"English","# 1098 Form Samples\n## 1098 for 2015\n## NEW 1098 for 2016\n# Summary of Program Changes\n## Program changes and affected boxes\n## Data gathering rules for boxes 2, 3, 5, 7, 8, 9","[{\"question\":\"What key reporting changes apply to the 2016 Form 1098 Mortgage Interest Statement?\",\"answer\":\"The IRS added reporting requirements including mortgage insurance premiums in box 5 (for $600+ mortgage interest), and additional fields for property address/description, outstanding mortgage principal as of January 1, 2016, and the mortgage origination date.\"},{\"question\":\"When are mortgage insurance premiums required to be reported in box 5?\",\"answer\":\"Mortgage insurance premiums must be reported in box 5 when a borrower pays a credit union $600 or more in mortgage interest on any one mortgage during the calendar year.\"},{\"question\":\"How do boxes 7 and 8 determine the property address population?\",\"answer\":\"Box 7 asks whether the property address securing the mortgage matches the payer/borrower address. If Box 7 is N, Box 8 is populated from the collateral record address; if Box 7 is Y, Box 8 is left blank.\"}]","Changes to 1098 Reporting Mortgage Interest Statement - Date 5/18/16 | PDF",1789786875]