Press Release - December, 2015
Director of State Compliance
Email Michael Stewart
1098 - Mortgage Insurance Premiums (MIP)
Mortgage Insurance Premiums (MIP) are reportable on IRS Form 1098 for Tax Years 2015 & 2016, per the Budget signed by the President in December of 2015.
While the official IRS Form 1098 contains boxes numbered 1-4, 1099 Pro has added Box 5 ''Mortgage Insurance Premiums'' in its latest software updates. 1099 Pro recommends that reporters of MIP file electronically (eFile) as the IRS FIRE system is capable of handling MIP while the official IRS paper Form 1098 cannot. Furthermore, instructions for paper filing Form 1098, containing MIP, have not yet been issued.
Users of 1099 Pro can file electronically directly using 1099 Pro Enterprise software or via 1099 Pro's SSAE 16 SOC I Type II certified Service Bureau using 1099 Pro Professional software.
Excerpt from H.R.2029 - Consolidated Appropriations Act, 2016 Section 152
EXTENSION OF MORTGAGE INSURANCE PREMIUMS TREATED AS QUALIFIED RESIDENCE INTEREST.
(a) In General. --Subclause (I) of section 163(h)(3)(E)(iv) is amended by striking ''December 31, 2014'' and inserting ''December 31, 2016''.
(b) Effective Date. --The amendment made by this section shall apply to amounts paid or accrued after December 31, 2014.
About 1099 Pro, Inc.
1099 Pro, Inc. ( www.1099pro.com ) is a market-leading provider of information-reporting Solutions & Services for 1099, W-2 and 1042-S filers. 1099 Pro develops and markets a comprehensive range of products that enables any size of business or institution to effectively manage and complywith all 1099, W-2 and 1042-S filing requirements.
1099 Pro products range from i) Client Server / ASP applications capable of filing over 100 million records utilizing a MS SQL back end with a multi year presentation of forms via Internet Explorer to ii) desktop software products for filing from 20 - 100,000 forms to iii) www.eFileMyForms.com for internet filing of < 20 forms. Adjunct products include secure Hosting and Services for information processing, printing, filing and penalty abatement.
1099 Pro is a Microsoft Certified Partner, MBE certified and has received SSAE 16 SOC I Type II certification.