IRS Electronic Filing Deadline for Mortgage and Retirement-Related Reporting
These forms must be filed electronically with the IRS by March 31, 2025.
If filing by paper, the deadline was February 28, 2025.
They are used to report interest payments, mortgage assistance, and certain annuity contracts—information that is relevant to both the IRS and taxpayers for reporting income, deductions, or credits.
🧾 Form 1098 – Mortgage Interest Statement
🔍 What is it?
Form 1098 reports mortgage interest of $600 or more paid by an individual to a lender during the calendar year.
🏦 Who files it?
Lenders, mortgage servicers, or financial institutions that received the interest.
Includes banks, credit unions, and even private lenders if the loan is secured by real property.
💼 What information does it include?
Borrower’s information
Mortgage interest received
Points paid by the borrower
Outstanding mortgage principal
Property address
💡 Why it matters:
Taxpayers may be able to deduct mortgage interest on their tax return, if they itemize deductions.
📤 Filing obligations:
Copy to borrower: Due by January 31, 2025
IRS electronic filing: Due by March 31, 2025
🧾 Form 1098-MA – Mortgage Assistance Payments
🔍 What is it?
Used to report mortgage assistance payments made under a State Housing Finance Agency (HFA) Hardest Hit Fund or similar program.
🏘️ Who files it?
The state housing agencies or programs administering these assistance payments.
💼 What information does it include?
Total mortgage assistance paid on behalf of the homeowner
Payments made directly to the mortgage servicer
Other related payments
💡 Why it matters:
Recipients may need to report these payments on their tax return, depending on the type and amount of assistance.
📤 Filing obligations:
Copy to homeowner/borrower: Due by January 31, 2025
IRS electronic filing: Due by March 31, 2025
🧾 Form 1098-Q – Qualifying Longevity Annuity Contract (QLAC) Information
🔍 What is it?
Reports information on QLACs — special types of deferred income annuities purchased with retirement plan funds or IRAs that begin payments at an advanced age (up to age 85).
💼 Who files it?
Insurance companies or annuity providers that issue QLACs.
📥 What information does it include?
Owner’s identity and account details
Contract issuance date
Amount invested in the annuity
Required beginning date for distributions
💡 Why it matters:
QLACs are excluded from Required Minimum Distribution (RMD) calculations until payouts begin, offering a tax deferral benefit for retirement planning.
📤 Filing obligations:
Copy to annuity holder: Due by January 31, 2025
Filing with IRS electronically: Due by March 31, 2025