FormsPal's free online PDF editor makes it easy to complete and submit the 1088 tax form directly in your browser without any software installation. Follow the steps below to fill it out accurately for mortgage lending documentation.
Step 1: Open the Form
Click the "Get Form" button on this page to open the 1088 form in FormsPal's browser-based PDF editor. No account or installation is needed.
Step 2: Enter Year 1 Financial Data
In the first-year column, enter the borrower's gross receipts or sales, returns and allowances, cost of goods sold, and total business deductions from that year's tax return. Use figures from the borrower's Schedule C, Form 1065, Form 1120S, or Form 1120 depending on business structure.
Step 3: Enter Year 2 Financial Data
Repeat the data entry for the second year using the same line items. The form automatically calculates the dollar and percentage changes in gross income, total expenses, and taxable income between the two years.
Step 4: Review the Income Trend Analysis
Verify that the taxable income figures match the borrower's IRS Schedule C (Form 1040) or applicable corporate return for each year. Consistent or increasing income across both years supports a stronger mortgage application.
Step 5: Save or Share the Completed Form
Download your completed 1088 form as a PDF, print it, or share it with your lender. For additional Fannie Mae income documentation, see Form 1084 for cash flow analysis and Form 1037 for rental income worksheets.
