1098 - Data Requirements

See below for all of the required data elements for completing Form 1098 reporting.

Filing Entity

The legal entity responsible for issuing the forms is the filing entity. The following information must be provided through the Taxbit Dashboard.

For more information on Filer setup, please refer to this guide: Filer Setup

Field name	Required
Name	Required
Address	Required
Tax Residency	Required
US TIN	Required
Contact Phone Number	Required

Please note: If there are multiple filers, please ensure that you are using the correct filer ID for the associated account(s).

Account Owner / Account

For ingestion purposes, the only data point required to create/update an Account Owner is the Account ID. This allows you to add all of your users to the Dashboard, even while you may still be collecting additional information. There will be reports available in the Dashboard to let you know if something is missing for an Account that is eligible for a tax form.

For more information on formatting the Account Owner/Account CSV templates, please refer to this guide: Standard Account Owner/Account - CSV Ingestion Template Guide

The following table, however, summarizes the required fields needed to complete the Form 1098.

Field Name	Required
Account Owner ID	Only required if you have Account Owners with multiple Accounts
Account ID	Required
Name	Required
Joint Account Name	If Applicable
Address	Required
Tax Residency	Presumed US if unavailable
TIN	Required
Filer ID	Only required if you have multiple Filers

Please Note: There are other fields on the Account Owner / Account model that are not listed here, as they are not required for 1098 reporting.

Form Data

1098 uses Form Data rather than transaction data. Form Data should contain the final values to be reported on the form. There should typically be a single row for each Account, although multiple rows for the same Account are accepted when needed.

For more information on formatting the 1098 Form Data CSV template, please refer to this guide: 1098 - Form Data CSV Ingestion Template Guide

Field Name	Required
Account ID	Required
Mortgage interest received from payer(s)/borrower(s)* (Box 1)	At least one of the interest, refund, premium, or point amounts (Boxes 1, 4, 5, or 6) must be greater than zero
Refund of overpaid Interest (Box 4)
Mortgage insurance Premiums (Box 5)
Points paid on purchase of principal residence (Box 6)
Outstanding mortgage Principal (Box 2)	Required
Mortgage origination date (Box 3)	Required
If the address of the property securing the mortgage is the same as the payer’s or borrower’s address, the box is checked (Box 7)	If applicable
Address or description of property securing mortgage (Box 8)	If applicable
Number of properties securing the mortgage (Box 9)	If applicable
Other (Box 10)	If applicable
Mortgage acquisition date (Box 11)	If applicable