The IRS asks for different corrective actions based on the type of error you’ve made.
You can find detailed instructions on the IRS website, but here is the action to take if you are correcting a 1098 Form with a wrong Lender Name or TIN.
Error: Incorrect Lender Name or TIN
Action: Write a letter to the IRS
A corrected form is NOT required to correct an incorrect payer name (yours or your client’s name/company name) or the payer’s taxpayer identification number (TIN). Instead, you may write a letter containing the following information.
Name and address of the lender.
Type of error (including the incorrect lender name/TIN that was reported).
Tax year.
Lender TIN.
Transmitter Control Code (email Adams Tax Forms Support for our TCC)
Type of return.
Number of lenders.
Filing method (paper or electronic).
Was federal income tax withheld?
Send your letter to:
Internal Revenue Service
Information Returns Branch
230 Murall Drive, Mail Stop 4360
Kearneysville, WV 25430
You will receive notice from the IRS that your letter (and corrected 1098 info) has been received within 30 business days.
Good on you! You’ve corrected a 1098 for Incorrect Lender Name or TIN!