Form 1098 Principal in Box 2 is wrong!!

Metro2 reporting to credit bureaus and other bells and whistles.
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wtech_josh
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Form 1098 Principal in Box 2 is wrong!!

Post by wtech_josh »

Why is the principal balance in Box 2 wrong on the 1098 forms that Moneylender is generating?

It's not! The balance is at the start of the calendar year on the form, not at the end of the year. Here's what it says in the IRS instructions for Box 2:
Enter the amount of outstanding principal on the mortgage as of January 1, of the current year. If you originated the mortgage in the current year, enter the mortgage principal as of the date of origination. If you acquired the mortgage in the current year, enter the outstanding mortgage principal as of the date of acquisition.
Moneylender reports the balance at the beginning of the day on January 1st in box 2 for existing loans, and reports the opening balance as indicated for newly created or purchased loans.
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