Many of our customers believe that they must re-process worksheets that were previously processed 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 2008, you must report that amount on IRS Form 1098 and provide that Form to the principal borrower by February 2, 2009. As the lender, you must then file the Form with the IRS by March 2, 2009 or by March 31, 2009, if filed electronically. To view the 2008 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
- Log into Account Administrator (please note: you must be the "Account Administrator" in order to log in.) In order to log in, you must click the "My Account" link.
- Click on "Generate a Report" located under the "Report Manager" section.
- Click on "1098."
- Complete the 1098 Report Information form. The report will be emailed to the specified email address.
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DocMagic for Windows Instructions
- In DMW, select Worksheet -> Worksheet Report Menu -> Run a Report.
- Select "1098WS, 1098 Report for Current Worksheets." Click OK.
- Enter starting and ending disbursement dates.
- Choose your desired print option and click OK.
NOTE: To view the report before it prints, select "Send Report to Screen" 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.
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