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1099 processing

Enter data for Form 1098

When you enter data in Form 1099 data entry, you can refer to the following table, which lists each box on form 1098 Mortgage Interest Statement and specifies where that data can be found or entered in
Accounting CS
. The table can help you troubleshoot each bo
Form 1098 field/line
Accounting CS Data location
Accounting CS field
Notes
RECIPIENT'S/LENDER'S  name
Select
Setup
, then 
Clients
, then the
Main
 tab.
Payroll name
RECIPIENT'S/LENDER'S street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no.
Select
Setup
, then 
Clients
, then the
Main
 tab.
Business address line 1
If the client has separate mailing and taxing addresses, make sure that you select
Business
 from the
Addresses
 dropdown list for the address that should appear on this form.
RECIPIENT'S/LENDER'S TIN
Select
Setup
, then 
Clients
, then the
Main
 tab.
EIN/SSN
PAYER'S/BORROWER'S TIN
Select
Setup
, then 
Vendors
, then the
Main
 tab.
EIN/SSN
PAYER'S/BORROWER'S name
Select
Setup
,
Vendors
, then the
Main
 tab.
Vendor name
Street address (including apt. no.)
Select
Setup
,
Vendors
, the
Main
 tab, then
Business address
.
Business address line 1
If the vendor has separate mailing and taxing addresses, mark the
Mailing address
 for the address that should appear on this form.
Street address (including apt. no.)
Business address line 2
City or town, state or province, country, and ZIP or foreign postal code
City
If this is a foreign state or country not available in the dropdown list, you will need to go to
Actions
, then
Edit Payroll Tax Forms
 to override this information.
State
Zip
County
Box 1. Mortgage interest received from payer(s)/borrower(s)
Select
Actions
,
Enter Transactions
,
Check
, then the
Distributions
 tab.
1099 (drop down)
Choose a 1099 item from the drop down that contains box 1.
To set up, go to
Vendors
, then the
1099 Properties
 tab.
Alternatively, go to
Actions
,
Edit Payroll Tax Form
, then the
Recipient Data
 tab to override the data.
Box 2. Outstanding mortgage principal
Select
Actions
,
Enter Transactions
,
Check
, then the
Distributions
 tab.
1099 (dropdown)
Choose a 1099 item from the dropdown that contains box 2.
To set up, go to
Vendors
 then the
1099 Properties
 tab.
Alternatively, go to
Actions
,
Edit Payroll Tax Form
, then the
Recipient Data
 tab to override the data.
Box 3. Mortgage origination date
Select
Actions
,
Enter Transactions
,
Check
, then the
Distributions
 tab.
1099 (dropdown)
Select the ellipsis button next to the 1099 item you chose to open the 1099 Details, then select the
Mortgage Origination Date
.
Alternatively, go to
Actions
,
Edit Payroll Tax Form
, then the
Recipient Data
 tab to override the data.
Box 4. Refund of overpaid interest
Select
Actions
,
Enter Transactions
,
Check
, then the
Distributions
 tab.
1099 (drop down)
Choose a 1099 item from the drop down that contains box 2b.
To set up, go to
Vendors
 then the
1099 Properties
 tab.
Alternatively, go to
Actions
,
Edit Payroll Tax Form
, then the
Recipient Data
 tab to override the data.
Box 5. Mortgage insurance premiums
Select
Actions
,
Enter Transactions
,
Check
, then the
Distributions
 tab.
1099 (drop down)
Choose a 1099 item from the drop down that contains box 2c.
To set up, go to
Vendors
 then the
1099 Properties
 tab.
Alternatively, go to
Actions
,
Edit Payroll Tax Form
, then the
Recipient Data
 tab to override the data.
Box 6. Points paid on purchase of principal residence
Select
Actions
,
Enter Transactions
,
Check
, then the
Distributions
 tab.
1099 (drop down)
Choose a 1099 item from the dropdown that contains box 2d.
To set up, go to
Vendors
 then the
1099 Properties
 tab.
Alternatively, go to
Actions
,
Edit Payroll Tax Form
, then the
Recipient Data
 tab to override the data.
Box 7. If address of property securing mortgage is the same as PAYER'S/BORROWER'S address, check the box, or enter the address or description in box 8.
Select
Actions
,
Enter Transactions
,
Check
, then the
Distributions
 tab.
1099 item Ellipsis Button
Select the ellipsis button next to the 1099 item you chose to open the 1099 Details, and mark the
Same Securing Mortgage Address
 checkbox..
Alternatively, go to
Actions
,
Edit Payroll Tax Form
, then the
Recipient Data
 tab to override the data.
Box 8. Address or description of property securing mortgage (see instructions)
Select
Actions
,
Enter Transactions
,
Check
, then the
Distributions
 tab.
1099 ellipsis button.
Select the ellipsis button next to the 1099 item you chose to open the 1099 Details, then enter the description and address of the property.
Alternatively, go to
Actions
,
Edit Payroll Tax Form
, then the
Recipient Data
 tab to override the data.
Box 9. Number of properties securing the mortgage
Select
Actions
,
Enter Transactions
,
Check
, then then
Distributions
 tab.
1099 ellipsis button.
Select the ellipsis button next to the 1099 item you chose to open the 1099 Details, then the number of mortgaged properties.
To set up, go to
Vendors
 then the
1099 Properties
 tab.
Alternatively, go to
Actions
,
Edit Payroll Tax Form
, then the
Recipient Data
 tab to override the data.
Box. 10 Other
N/A
N/A
The
Other
 field does not have a data entry point in
Accounting CS
. If you need to utilize Box 10 on the 1098, you can add a text box or a custom field to the form within the Layout Editor.
Box 11. Mortgage acquisition date
Select
Actions
,
Enter Transactions
,
Check
, then the
Distributions
 tab.
1099 ellipsis button.
Select the ellipsis button next to the 1099 item you chose to open the 1099 Details, then the Mortgage Acquisition Date.
Alternatively, go to
Actions
,
Edit Payroll Tax Form
, then the
Recipient Data
 tab to override the data.
Account number (see instructions)
System Calculated field.
N/A
The application populates the Account number field on Form 1099 with a unique account number to ensure that any Form 1099 corrections can be correctly tracked. This field cannot be overridden on the form with another account number.
According to theIRS general instructions for certain information returns.the account number may be a required field.
Accounting CS
 populates this field automatically with a unique number for filing purposes.

This article applies to:

  • Product: Accounting CS
  • Subject: Payroll tax forms
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