TOPIC: IRS

1042-S

Manager at a credit_union ($211MUSA)
Would anyone be able to share how to complete form 1042-S, our credit union is set up to process manually. I am not sure what needs to be completed and what goes in each box.
Thank you

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        IRS TAX Form 1098

        SVP at a bank ($342MUSA)

        We are considering changing our points structure on our loans. We would like to implement the following because we are losing deals when the points are greater than $5,000.

        1% of the loan amount up to $500,000, after that it is fixed at $5,000.

        One of the many concerns we have in doing this, besides the fact that wealthier customers are in essence getting a "discount," is whether these "points" would be reportable on a 1098?

        In reading the 1098 Instructions it states:

        Reportable points. Report on Form 1098 points that meet all the following conditions.

        1. They are clearly designated on the Settlement Statement (Form HUD-1) as points; for example, “loan origination fee” (including amounts for VA and FHA loans), “loan discount,” “discount points,” or “points.”
        2. They are computed as a percentage of the stated principal loan amount.