why wasn't PMI listed on my 1098?

[pugz]

We paid PMI  to our mortgage company all of last year but for some reason only mortgage interest and property taxes were listed on our 1098.  

I need to find last year's statement and see if it was listed on it.  Maybe we got a separate statement I'm not remembering...

[bostonmichelle]

My 1098 did not list it either, actually we got 4 statements since we bought and refinanced during the year and both times the mortgage was sold. I believe the mortgage companies only have to include the interest, try looking on the back of the statement. I find real estate taxes on the back sometimes.

[pugz]

I found it online! just wondered if I was missing something!

[darthnbjenni]

Do you have Wells Fargo? It wasn't on mine, either. I just took the monthly payment and x it by 12.

[pugz]

GMAC

I swear it was on there last year but maybe I made that up.

[mae141]

I could be wrong, but I think it's because it's not a tax credit thingie anymore. It wasn't on mine either and has been in the past.

ETA: Deduction. That's the word I was looking for. 

[pugz]

ohhh interesting, there's still a place for it in turbo tax. So should I not enter it then?

[mae141]

Jan 26, 2013 19:49:57 GMT -5 kooshball said:

So, it did expire in 2012 however Obama signed a bill to bring it back for 2012/2013. It wasn't signed until 2013 I guess so maybe banks didn't get the update?

turbotax.intuit.com/tax-answers/instant/Other-Deductions-and-Credits/Is-mortgage-insurance--PMI--tax-deductible-/IAS10218.html

I wonder if the banks will send out new updated 1098s. 

[LoveTrains]

I thought PMI wasn't deductible for everyone, though. Like its only deductible if you bought your house after a certain date. It also starts to phase out at $100K MFJ I think.

EDIT: A quick look on the google tells me that PMI is only deductible for loans orginated after 1/1/2007 and that it does start to phase out at $100K MFJ with the deduction completely gone for AGI over $109K for MFJ. 

[Roc A Bee]

I can put in PMI. I need to look closer at Tax Act!

[hurricanedrunk]

Jan 26, 2013 21:19:42 GMT -5 mae141 said:

Jan 26, 2013 19:49:57 GMT -5 kooshball said:

So, it did expire in 2012 however Obama signed a bill to bring it back for 2012/2013. It wasn't signed until 2013 I guess so maybe banks didn't get the update?

turbotax.intuit.com/tax-answers/instant/Other-Deductions-and-Credits/Is-mortgage-insurance--PMI--tax-deductible-/IAS10218.html

I wonder if the banks will send out new updated 1098s. 

I hope so. I noticed our statement was also missing the PMI stuff which I thought was weird. I could figure it out from our online statement but not having it on record makes me nervous.

[sunnysally]

I have Wells Fargo and called to ask why it wasn't on my 1098. They said they would be sending out a separate statement. The rep gave me the amount and when I put it in turbo tax the deduction was much less than last years.

[LoveTrains]

Jan 27, 2013 11:38:03 GMT -5 sunnysally said:

I have Wells Fargo and called to ask why it wasn't on my 1098. They said they would be sending out a separate statement. The rep gave me the amount and when I put it in turbo tax the deduction was much less than last years.

This could possibly be because you are in the income phase-out.