Do I Need a 1098 to File My Taxes?
Determine if you need your mortgage interest info from Form 1098 by understanding its connection to itemizing versus taking the standard deduction.
Each year, homeowners who have paid mortgage interest receive a document called Form 1098, Mortgage Interest Statement. This form is sent by your lender and reports the total amount of interest you paid during the tax year. Lenders are required to issue a Form 1098 if you paid them $600 or more in mortgage interest. It is important to distinguish this form from others with similar numbers, like Form 1098-T for tuition payments or Form 1098-E for student loan interest.
Understanding the Mortgage Interest Deduction
The information on Form 1098 is used to claim the home mortgage interest deduction. This deduction is only available to taxpayers who itemize their deductions on Schedule A of Form 1040, rather than taking the standard deduction. The decision to itemize depends on whether your total itemized deductions exceed the standard deduction for your filing status.
For the 2025 tax year, the standard deduction for single filers is $14,600 and for married couples filing jointly, it is $29,200. Your total itemized deductions include your mortgage interest, other eligible expenses like state and local taxes (up to a $10,000 limit), and charitable contributions. If the sum of these deductions is greater than your standard deduction, itemizing will result in a lower tax liability.
The mortgage interest deduction has limitations. Interest is deductible on the first $750,000 of mortgage debt for married couples filing jointly, or $375,000 for single filers. This debt must be for a loan used to buy, build, or substantially improve your main home or a second home.
When Form 1098 is Necessary for Filing
While you do not physically attach Form 1098 to your tax return, the information it contains is necessary if you are claiming the mortgage interest deduction. Your lender sends you a copy of the form and also sends an identical copy to the Internal Revenue Service (IRS). This system allows the IRS to use an automated matching program to compare the mortgage interest deduction you claim on your Schedule A with the amount reported by your lender on Form 1098.
A discrepancy between these two figures can trigger a notice from the IRS, such as a CP2000 notice, which proposes changes to your tax return. This could lead to an adjustment in your tax liability, and potentially penalties and interest.
Using the figures from your Form 1098 ensures consistency and supports the deduction you are claiming.
Locating Your Mortgage Interest Information
If you have determined that you need to itemize your deductions but cannot find the paper copy of your Form 1098, there are several ways to obtain the necessary information. Lenders are required to send the form by January 31st following the tax year, so it should arrive in early February. If it has not, your first step should be to check your lender’s online portal.
Most mortgage servicers provide a “Tax Documents” or “Statements” section on their websites where you can download a digital PDF copy of your Form 1098. The figure you need is in Box 1, “Mortgage interest received from payer(s)/borrower(s).” Other boxes on the form, such as Box 5 for mortgage insurance premiums, report amounts that are not currently deductible.
If you cannot locate the form online, your next step is to review your year-end mortgage statement. This statement often summarizes the total interest paid for the year. As a final option, you can contact your lender directly by phone to request the information or have another copy of the form sent to you.