IRIS Update: 13 New Forms to be Added

Beginning on July 1, 2024, IRIS, or the Internal Revenue Information System, will add 13 new forms to the Taxpayer Portal intake for tax year 2023. This update makes IRIS a more comprehensive and robust filing system. 

What’s New?

The following Information Returns will be incorporated into the IRIS Taxpayer Portal & A2A:

1. 1097-BTC, Bond Tax Credit – Used to report tax credits on certain bonds
2. 1098, Mortgage Interest Statement – Used to report the amount of mortgage interest paid
3. 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes – Used to report non-cash donations of cars, boats, and planes
4. 1098-E, Student Loan Interest Statement – Used to report student loan interest of $600+ in a year
5. 1098-F, Fines, Penalties, and Other Amounts – Used to report certain fines and penalties
6. 1098-Q, Qualifying Longevity Annuity Contract Information – Used to report information about longevity annuities.
7. 1098-T, Tuition Statement – Used to report tuition and related educational expenses
8. 3291, Exercise of an Incentive Stock Option under Section 422(b) – This form is used to report the exercise of incentive stock options.
9. 3922, Transfer of Stock Acquired Through an Employee Stock Purchase Plan under Section 423(c) – Used to report transfer of stock acquired through ESPP.
10. 5498, IRA Contribution Information – Used to report contributions to individual retirement arrangements (IRAs).
11. 5498-ESA, Coverdell ESA Contribution Information – Used to report contributions to Coverdell education savings accounts.
12. 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information – Used to report contributions to medical savings accounts.
13. W-2G, Certain Gambling Winnings – Used to report gambling winnings and any federal income tax withheld on those winnings.

Integration into Your IRIS Profile

For taxpayers already using IRIS, these 13 forms will be added automatically. Taxpayers will not need to get new Transmitter Control Codes (TCCs) for these types either. An existing IRIS TCC will work for the new forms. 

To accommodate the new additions, the category previously labeled as “Form 1099 Series” will be updated to include “Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G,” broadening the scope of information you can manage through IRIS.

For tax year 2024, these forms will also be included in the IRIS Application to Application (A2A) intake.

Impact on Taxpayers

The IRIS Update marks a significant improvement in he IRIS and will make managing tax filing requirements much easier for filers. By making more forms available through the IRS portal, the process should be more streamlined and reduces the need for paper forms even further. 

It’s important that all taxpayers stay up to date with IRS tax news, especially with frequent updates and changes happening. This will ensure a smooth and easy tax filing season for tax year 2024. As always, be sure to check deadlines and stay on top of due dates to stay prepped and reduce tax filing stress. 

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