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#907833 - 02/20/08 09:51 PM AL - 1098 Retention
Jan94 Offline
Platinum Poster
Joined: Mar 2001
Posts: 828
USA
Trying to find out if there is any Alabama requirement for a bank to provide copies of the 1098 forms that are submitted to the IRS? The bank receives a box of these forms from our processor along with a letter that indicates that the bank may have to submit them to "your state reporting office." The processor sends a tape to the IRS for the bank and a copy can be reproduced for the borrower if needed. The bank indicates that they have never been asked for these by the state and don't want to have to keep getting these forms since they have to pay the processor to print them. Would appreciate anyone's experience with this. Thank you.

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#1109406 - 01/12/09 08:30 PM Re: AL - 1098 Retention Jan94
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
IRS guidelines: Keeping copies. Generally, keep copies of information returns you filed with the IRS or have the ability to reconstruct the data for at least 3 years, 4 years for Form 1099-C, from the due date of the returns. Keep copies of information returns for 4 years if backup withholding was imposed.

AL Recordkeeping - State of AL Banking Department, Regulation 17
http://www.bank.state.al.us/regulations/banking/Regulations/Regulation_17.htm#Real_Estate_Loans
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