Why is mortgage insurance not on 1098

Accepted Solutions. New Member. I should input it in the Turbo Tax line that asks for box 5 anyway? Thank You for your help!! Privacy Settings. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. You can add the allocated amount to the monthly PMI amounts. But make sure you are really talking about PMI, and not hazard insurance fire, theft, etc.

While many lenders are not allocating the lump sum PMI to box 5, they really should be putting the monthly payment there if you are paying it. Nevertheless, you can still take the deduction. You may need to look to your settlement statement or your mortgage statement to get the monthly amount. Multiple the amount of monthly payment X 12 for the total to enter in TurboTax. If unsure, contact your lender for the exact amount collected and paid for the premium.

Homeowner's insurance would not be deductible even though your lender may escrow these amounts from your payment. The deduction for qualified mortgage insurance premiums that had expired as of December 31, was recently extended via an inclusion to the government spending bill passed in December.

The deduction was made retroactively available for tax years and and is set to expire again after December 31, Recipients have been encouraged by the IRS to file corrected Forms , reporting mortgage insurance premiums in Box 5 when appropriate, for but are not required to do so. Background IRC Sec. Either can do so but not both. Generally, it depends on who is actually paying the educational expenses, and if the student is still being listed and taken as a dependent on the parent's tax return.

If they are, the parent usually claims the education credit, based on the Form T info. Internal Revenue Service. Home Mortgage Interest Deduction. Income Tax. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile.

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