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Where do I enter amounts from Form 1098 and 1099 in ProConnect Tax?

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Where do I enter amounts from Form 1098 and 1099 in ProConnect Tax?

This table will help you find ProConnect Tax inputs to report amounts from common source documents.

Source Form Description Input instructions
Form 1099-A Acquisition or Abandonment of Secured Property See Common questions for Form 1099-A
Form 1099-B Proceeds from Broker and Barter Exchange Transactions Income > Dispositions (Sch D, etc.)Schedule D/4797/etc -  Various entries
See Common questions for Form 1099-B
Form 1099-C Cancelation of Debt (Tax Year 2017 and prior) Income > SS Benefits, Alimony, Miscellaneous Inc. - Cancelation of debt (1099-C)
Form 1099-G Certain Government Payments Income > Tax Refunds, Unemployment Comp/1099-G - Various entries
Form 1099-LTC Long Term Care and Accelerated Death Benefits Deductions > HSA/MSA/LTC Contracts(1099-SA, 5498-SA) - Various entries
Form 1099-NEC Nonemployee compensation See How to enter Form 1099-NEC
Form 1099-MISC Miscellaneous Income See Where do I enter Form 1099-MISC?
Form 1099-OID Original Issue Discount Income > Interest Income (1099-INT, 1099-OID) - Various entries
Form 1099-Q Payments from Qualified Education Programs Income > Education Distributions (1099-Q) - Various entries
Form 1099-R Distributions From Pensions, Annuities, Retirement or Profit Sharing Plans, IRAs, Insurance Contracts, etc. Income > Pensions, IRAs (1099-R) - Various entries
See Common questions for Form 1099-R
Form 1099-S Proceeds from Real Estate Transactions Income >Dispositions (Sch D, etc.)Schedule D/4797/etc  - Various entries
Form 1099-SA Distributions From an HSA, Archer MSA, or Medicare Advantage MSA

Deductions > HSA/MSA/LTC Contracts(1099-SA, 5498-SA)- Various entries
See below for more information.

Form 1098 Mortgage Interest Statement Deductions > Itemized Deductions (Sch A)- Interest
See below for more information.
Form 1098-E Student Loan Interest Statement Deductions > Adjustment to Income Education - Total qualified student loan interest paid
Form 1098-T Tuition Statement Credits > Education/Tuition (1098-T) (8863/8917)- Various entries See Common questions for Form 1098-T

To enter Form 1098, box 1 & box 2:

  1. Go to the Input Return tab.
  2. On the left-hand navigation menu, select Deductions.
  3. Click on Itemized Deductions (Sch A).
  4. From the top of the screen select the Interest section.
  5. Click in the field, Home mortgage interest & points on Form 1098 [Adjustment], and then click the + icon to the right of the field to expand the input.
  6. Enter the Description and Amount. Enter the deductible portion of home mortgage interest paid directly or indirectly to financial institutions for which the taxpayer received a Form 1098, Mortgage Interest Statement. The program does not apply limitations to entries in this field (see the note below for excess mortgage interest information). If the taxpayer is claiming the mortgage interest credit and you have entries in the Credits section in the screen, EIC, Residential, Oth. Credits in the section, Mortgage Interest Credit (8396), the program will reduce the home mortgage interest by the credit.

Note - Refer to the Excess Mortgage Interest input section at the bottom of the screen, Itemized Deductions (Sch A) if:

  1. The taxpayer took out any mortgage after October 13, 1987, and used the proceeds for purposes other than to buy, build or improve the home, and all of these mortgages totaled over $100,000. The limit is $50,000 if married filing separately. An example of this type of mortgage is a home equity loan used to pay off credit card bills, buy a car, or pay tuition.
  2. The taxpayer took out any mortgage after October 13, 1987, and used the proceeds to buy, build or improve the home, and these mortgages plus any mortgages taken out on or before October 13, 1987, totaled over $1 million. The limit is $500,000 if married filing separately.

Per the 1098 instructions for box 3,

"Do not deduct this amount. It is a refund (or credit) for overpayment(s) of interest you made in a prior year or years. If you itemized deductions in the year(s) you paid the interest, you may have to include part or all of the box 3 amount on the Other income line of your Form 1040. No adjustment to your prior year(s) tax return(s) is necessary. For more information, see Pub. 936 and Itemized Deduction Recoveries in Pub. 525."

To enter Form 1098, box 3 as Other Income:

  1. Go to the Input Return tab.
  2. On the left-hand navigation menu, select Income.
  3. Click on SS Benefits, Alimony, Misc. Income (SS Bene., Misc. Inc.).
  4. Scroll down to the Alimony and Other Income section.
  5. Click in the field, Other income (Click on the button to expand) and then click the + icon to expand the input field.
  6. Enter a Description and Amount.

To enter Form 1098, box 4:

The deduction for Mortgage Insurance Premiums expired on December 31, 2017 and has not yet been extended. ProConnect Tax Online still contains an input field however it will not flow to Schedule A or 1040. If you would like to enter the Mortgage Insurance Premiums into ProConnect Tax:

  1. Go to the Input Return tab.
  2. On the left-side navigation menu, select Deductions.
  3. Click on Itemized Deductions (Sch A).
  4. From the top of the screen select the Interest section.
  5. Enter the amount in the field Qualified mortgage insurance premiums paid on post 12/31/06 contracts (expired provision).

Follow these steps to report MSA distributions:

  1. Go to the Input Return tab.
  2. On the left side menu, select Deductions.
  3. Click on HSA/MSA/LTC Contracts (1099-SA, 5498-SA).
  4. Select Medical Savings Accounts (8853).
  5. Enter a 1 or 2 in 1=self-only coverage, 2=family coverage.
  6. Scroll down to the MSA Distributions section.
  7. Enter the Total MSA distributions received (1099-SA, Box 1).
  8. Enter any qualified medical expenses your client paid in Total unreimbursed qualified medical expenses.

If the amount of the distribution exceeds the amount of unreimbursed qualified medical expenses, the difference is taxable and will flow to the Form 1040 as Other Income with a description of MSA.  An additional 20% tax will be calculated on Form 8853, Part III.

Any or all of the amount may be excluded from the 15% tax by making an entry in the Amount to exclude from 20% tax (1=exclude all) field on this screen. The 20% tax does not apply if the distribution is made after the account holder dies, becomes disabled, or reaches age 65.

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