Form 1098-F

What Is Form 1098-F?

IRS tax form 1098-F is a legal document needed by governmental and particular non-governmental entities to report certain penalties, fines, and other amounts paid. It must be filled out according to Section 6050X demands.

What Do I Need Form 1098-F For?

If you act on behalf of a government, governmental, or specific non-governmental entity, you have to:

• report the amount required to be paid according to a suit, court order, or agreement related to any law violation or inspection of the potential lawbreaking if the total sum equals or exceeds an amount defined by the Secretary; 
• supply each payer with a separate copy of this form to indicate costs on providing services or property.

How to Fill Out Form 1098-F?

Step 1: Click the “Fill Out Form” button to complete a fillable 1098-F form online.
Step 2: Include filer’s and payer’s data in the left column of this printable form (name, address, postal code, TINs, etc.).
Step 3: Enter the aggregate amount to be paid under a suit, order, or agreement in box 1.
Step 4: State the sum to be paid for a law violation or potential violation in box 2.
Step 5: Sections 3-4 are for restitution and compliance amounts.
Step 6: Specify the date of order or agreement in field 5.
Step 7: Name the court or entity that entered the order or authorized the agreement in box 6.
Step 8: Provide the case number in section 7.
Step 9: Specify the case name or names of parties to suit, agreement, or order in box 8.
Step 10: Include the code in box 9. The description of codes is stated on the official IRS website.
Step 11: Click the “Done” button to download the ready blank as a PDF on your PC.

Organizations That Work With Form 1098-F

• The IRS;
• governmental entities;
• non-governmental entities treated as governmental entities.