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Author: Pegs Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 118719  
Subject: What if 1098 Form is Incorrect?? Date: 2/16/2000 10:57 AM
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The 1098 Mortgage Statement that I received from my bank is not correct, it includes 11 payments of interest instead of 12. (I am certain that all were received and none were late.)

I am having difficulty contacting them, the line is always busy. Do I need to attach a note with my IRS forms when I file to explain this?

Thanks,
pegs
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Author: IndecisiveFool Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 28828 of 118719
Subject: Re: What if 1098 Form is Incorrect?? Date: 2/16/2000 11:20 AM
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The 1098 Mortgage Statement that I received from my bank is not correct, it includes 11 payments of interest instead of 12. (I am certain that all were received and none were late.)

Check to see if your January 1999 payment was received earlier than expected. The mortgage payment may have been cashed on December 31, 1998 if you make it a habit to mail your payments early.

If this happened, I hope you would have noticed last year when you filed your 1998 taxes.

..IF
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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 28843 of 118719
Subject: Re: What if 1098 Form is Incorrect?? Date: 2/16/2000 12:37 PM
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<< The 1098 Mortgage Statement that I received from my bank is not correct, it includes 11 payments of interest instead of 12. (I am certain that all were received and none were late.)

I am having difficulty contacting them, the line is always busy. Do I need to attach a note with my IRS forms when I file to explain this? >>

Assuming none was early (e.g. the January payment made in December of 1998), report the 1098 amount on line 10 of Schedule A and the balance on line 11.

Phil Marti
Tax Preparer

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