1098 Apportionment

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Menu Item File Arrow Head Apportion

 

If you prepare 1098 returns for cooperatives, Account Ability can compute each payer's share of the total  mortgage interest received, outstanding mortgage principal as of 1/1/2019, amortization, real estate taxes, and capital reserve fund entered on the 1098 setup page of the client master.

 

The 1098 user interface contains fields for

 

Period Occupied

Enter the period of occupancy for the payer during the 2019 calendar year.

 

Shares

Enter the total number of shares allocated to the apartment.

 

Percentage of Maintenance Paid

Enter the payer's percentage of the total maintenance paid for 2019. Generally this will be 100%. However, if multiple payers share the apartment, a separate 1098 reflecting each payer's period of occupancy and percentage of maintenance paid must be entered.

 

After completing the above for each payer, select Apportion from the File menu of Form 1098 and confirm.

 

Confirm Apportionment

Confirm Apportionment

 

note Notes

 

You cannot apportion prior year 1098s.
Apportionment is not available for correction clients.
Always verify the results using the Totals selection on the File menu of Form 1098.
You can apportion as often as needed until the totals are exact.