On 12/31/2014 the IRS released updated form 1098 instructions to accommodate Mortgage Insurance Premiums reporting for tax year 2014. The new instructions affect both the 1098 borrower statement and the 1098 electronic filing.
For 2014, in order to report mortgage insurance premiums to both the borrower and the IRS, enter the letters MIP followed by one space followed by the amount being reported in the first line of box 4. Note $ signs & commas are OK.
Example: To report $1425.15 of mortgage insurance premiums paid by the borrower in 2014 enter "MIP 1425.15" into the first line of box 4 of form 1098 for tax year 2014.
For large volume filers, this change should be made on the 1098 import file(s) before importing into the 1099 Pro software. In the example, "MIP 1425.15" should be mapped to "Box 4 All Lines"
The update to 1099 Pro & Corporate Suite for this electronic filing modification is expected by 1/9/2015. 1099 Pro Enterprise version 2014.12.30 or higher and Corporate Suite version 2014.TBD.TBD and higher support this update for electronic filing.
Note: The 1099 Pro Service Bureau has this electronic filing update already in place.
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