E-file-Form-1098-F | IRS Form 1098-F | Fines Penalties, and Other Amounts

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Form 1098-F

What is Form 1098-F?

IRS created Form 1098-F for filers to report required payments pursuant to a suit, court order, agreement with respect to any violation of a law, the investigation or inquiry into the potential violation of the law if the aggregate amount involved in all suits, orders, or agreements equals or exceeds an amount determined by the Secretary. If the filers are required to file Form 1098-F, they must provide a statement to the payer when the aggregate amount of a penalty or fine incurred reaches a minimum of $600.

The report must identify any amounts that are for compensation or remediation of property, or correction of noncompliance. Like most forms in the 1099 series and the 1098 series, may have three copies of the form. The first copy will go to the IRS, the second copy will go to the taxpayer, and the third copy to the individual or entity which received payment (in this case a governmental entity). Reporting is required for a suit, order, or agreement that becomes binding on or after January 1.

1098-F forms must be mailed to recipients by February 15 and e-filed with the IRS by March 31 each year.

Tax2efile is equipped to help you handle numerous filing requirements and we will be happy to help you do your filling. We also offer printing and mailing services to complete the process for you.

1098-F Form

1098-F Form