1098 Form 2023 - 2024

It includes detailed explanations, comparison tables, and frequently asked questions to help taxpayers navigate the 1098 form effectively.


The 1098 form, also known as the “Mortgage Interest Statement,” is a tax form used by mortgage lenders to report mortgage interest payments made by a borrower throughout the year.


The primary purpose of the 1098 form is to assist taxpayers in claiming deductions for mortgage interest paid, ultimately reducing their taxable income.

Comparing the 1098 Form with Other Tax Forms

To better understand the 1098 form, let’s compare it with two other common tax forms: the 1099-INT and the 1098-E.

Tax FormPurposeKey Information Provided
1098 FormReport mortgage interest paymentsMortgage interest total
1099-INT FormReport interest income from various sourcesInterest income total
1098-E FormReport student loan interest paymentsStudent loan interest total
Comparing the 1098 Form with Other Tax Forms

Comparing Different Types of 1098 Forms

Aspect1098-Mortgage Interest1098-Tuition1098-E Student Loan Interest
PurposeMortgage interest deductionsEducational expenses deductionsStudent loan interest deductions
Issued byMortgage lendersEducational institutionsStudent loan servicers
Information IncludedMortgage interest detailsTuition and related expensesStudent loan interest details
Tax Deductions EligibleMortgage interest deductionEducation tax creditsStudent loan interest deduction

Who Should File a 1098 Form?

The obligation to file a 1098 Form varies depending on the type of form and the entity involved. Here’s a brief overview:


  • Individuals who have paid interest on a qualified student loan should receive Form 1098-E from their lender.

Educational Institutions

  • Educational institutions must issue Form 1098-T to students who have incurred qualified educational expenses.

Charitable Organizations

  • Charitable organizations receiving contributions of motor vehicles, boats, or airplanes must file Form 1098-C.

Mortgage Lenders

  • Mortgage lenders are required to furnish Form 1098-MA to homeowners who have received mortgage assistance payments.

Here’s a comparison table outlining the key differences between the various 1098 forms:

Form TypePurposeRecipientReporting Threshold
1098-EStudent Loan InterestBorrowers$600 or more
1098-TTuition ExpensesStudentsVaries
1098-CCharitable ContributionsDonors$500 or more
1098-MAMortgage AssistanceHomeowners$600 or more

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