F2 1098 Forms/Diskette
At the end of each year, use this process to print 1098 tax forms to send to
contract payers as required by the IRS. These forms are designed to fit the
standard 1098 form supplied by the IRS. This process also offers an option to
report to the IRS via floppy disk.
Tax Year
Specify the tax year, in YYYY form, that you wish to print forms and/or record to diskette. A default of
the current year is provided.
Limit
Enter the minimum amount of total yearly payments to print 1098s for. The IRS
requires that all contract payers who paid $600 or more in interest during a
year must be sent a 1098 tax form, and a copy sent to the IRS.
Output To
This process can output 1098s to paper forms, to floppy disks, or to both
media at the same time. The default is for both check boxes to be on. If you leave
the PAPER FORM check box turned on, an entry in the FORM NAME field is required. If the FLOPPY DISK check box is left on, you must specify both a DRIVE and a TRANSMITTER CONTROL CODE.
Form Name F2
If the PAPER FORM check box is on, use this field to specify which form should be used. Press
F2 to display and select from a pop-up that lists all the available forms of
type 1098. Forms can be edited using the FORMS MAINTENANCE WINDOW.
Number of Copies:
Enter the number of paper copies you would like produced. The default value is 1.
Drive:
If the FLOPPY DISK check box is on, select one of these radio buttons to specify which floppy
disk the 1098 tax data should be directed to. A default of A: is provided.
Transmitter Control Code
When submitting 1099 data via floppy disk, use this field to enter the TRANSMITTER CONTROL CODE assigned to you by the IRS. Your entry must be five characters in length. Be
sure to obtain the TRANSMITTER CONTROL CODE from the IRS well in advance of the end of the year.
If you choose to record 1098 data on diskette, the following message appears
on the screen:
Notice: The IRS strongly advises a TEST copy of your 1098's be submitted prior to
filing your actual 1098's on diskette. Due to changing IRS requirements,
Comtronic Systems cannot be held liable for any damages or fines attributed to the use
of this program.
Output:
Choose the monitor or printer radio button shown in OUTPUT. This allows you to view a report on your monitor or send it to a printer.
After choosing OK, a message box will appear with the total number of forms to be processed and
the total number of dollars reported. See the Operating Features chapter for
help navigating the on-screen report viewer and choosing the default printer.