My Oracle Support Banner

1098 Report does not include the account when the payment made is > 600 including payment for Points (Doc ID 2703159.1)

Last updated on AUGUST 22, 2020

Applies to:

Oracle Financial Services Lending and Leasing - Version 14.5.0.0.0 and later
Information in this document applies to any platform.

Symptoms

ACTUAL BEHAVIOR
---------------

As per 1098 rule, Payment received for Interest + points > 600 should be reported in 1098 by the lender. Customer can claim this deduction in their tax filing. 

EXPECTED BEHAVIOR
-----------------------

When payment received for Interest + points > 600, System should report those accounts in the 1098 report

STEPS
-----------------------

  1. Create a pre-compute loan account with home collateral having Finance charges. Make sure the interest + points generated will be more than 600. Disable "1098 not required" check box in collateral screen. so that 1098 report can be generated
  2. Execute the DDT/bill batch jobs.
  3. System will generate the points and Interest > 600. Post a payment more than 600$. System should allocate this to points and Interest.
  4. Execute SET-GOV2 - GIRPRC_BJ_100_01(IRS 1098 reporting)
  5. Execute SET - ODD3 - ODDPRC_BJ_100_01
  6. Points also considered while making the payment > 600 , account should appear in the form 1098.

BUSINESS IMPACT
-----------------------
The issue has the following business impact:
Due to this issue, 1098 reporting has an impact.

Changes

 

Cause

To view full details, sign in with your My Oracle Support account.

Don't have a My Oracle Support account? Click to get started!


In this Document
Symptoms
Changes
Cause
Solution


My Oracle Support provides customers with access to over a million knowledge articles and a vibrant support community of peers and Oracle experts.