What are the penalties associated with Form 1098-E?

Last modified 11/20/2023 2:12:39 AM EST

Form 1098-E is associated with the below penalties if your filing is late or fails to furnish the payee statement. 

• The penalty can be from $50 to $194,000 per 1098 form. Also, the penalty can increase to $100 per 1098 form if you submit more than 30 days after the due date, but by August 1; the maximum penalty is $556,500. 
• If you file after August 1, the penalty increases to $280 per 1098 form, with a maximum of $3,392,000. 
• Additionally, there are penalties for failure to furnish the payee statement.