We have been noticing that many of our customers have been re-processing worksheets that were previously processed in 2005 in order to obtain the necessary information to prepare IRS Form 1098. Save yourself the additional processing fee and instead use the reporting capabilities offered by DocMagic Online (DMO) or DocMagic for Windows (DMW). Obtaining a 1098 report via DMO and DMW is free.

If in the course of your trade or business, you received at least $600 or more in mortgage interest (including points) in 2005, you must report that amount on IRS Form 1098 and provide that Form to the principal borrower by January 31, 2006. As the lender, you must then file the Form with the IRS by February 28, 2006 or by March 31, 2006, if filed electronically. To view the 2005 IRS Specific Instructions for Form 1098, click here. To view the General Instructions, click here. 
Following are instructions for generating a 1098 report in DMO and DMW.

DocMagic Online Instructions

1. In DMO, select Web Services -> My Account and enter your email address and password.
2. Once you are logged onto the Account Administration page, click Generate a Report in the Report Manager menu.
3. Then, select 1098 and complete the 1098 Report Information form. The report will be emailed to the specified email address.

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DocMagic for Windows Instructions

1. In DMW, select Worksheet -> Worksheet Report Menu -> Run a Report.
2. Select "1098WS, 1098 Report for Current Worksheets." Click OK.
3. Enter starting and ending disbursement dates.
4. Choose your desired print option and click OK.
   NOTE: To view the report before it prints, select "Send Report to Printer" from the print options. After viewing the report, you can then print from within the Report Viewer.

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If you have any questions on generating 1098 reports in DocMagic Online or DocMagic for Windows, please contact DSI's Customer Service Department at (800) 649-1362.