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J
jotisei
Level 1
June 6, 2019
Solved

Is mortgage insurance the same as hazard insurance

  • June 6, 2019
  • 2 replies
  • 1 view
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Best answer by

No, private mortgage insurance (often called PMI) is typically required if you put a down payment of less than 20% on a home purchase. It protects the lender in case you default on the loan. The amount is usually reported in Box 4 of Form 1098. If you do not receive a Form 1098 you can contact your lender to get the amount, or check your settlement statement.

Hazard insurance is to protect you from personal losses on your home.

You can find directions on how to enter PMI below:

  1. Go to Federal Taxes
  2. Select Deductions and Credits
  3. Select I'll choose what I work on if the option is given
  4. Scroll to the heading Your Home
  5. Select Start next to the line titled Mortgage Insurance

You can then enter your mortgage insurance premiums in this section of TurboTax.


2 replies

A
Anonymous
Answer
June 6, 2019

No, private mortgage insurance (often called PMI) is typically required if you put a down payment of less than 20% on a home purchase. It protects the lender in case you default on the loan. The amount is usually reported in Box 4 of Form 1098. If you do not receive a Form 1098 you can contact your lender to get the amount, or check your settlement statement.

Hazard insurance is to protect you from personal losses on your home.

You can find directions on how to enter PMI below:

  1. Go to Federal Taxes
  2. Select Deductions and Credits
  3. Select I'll choose what I work on if the option is given
  4. Scroll to the heading Your Home
  5. Select Start next to the line titled Mortgage Insurance

You can then enter your mortgage insurance premiums in this section of TurboTax.


M
Marketstar
Level 12
June 6, 2019

No, hazard insurance protects your property, mortgage insurance protects the lender.

On a personal residence, mortgage insurance may be deductible, hazard insurance is not.

To report mortgage insurance  in TurboTax:

  • Click My Account (Top right of your screen).

  • Select Tools.

  • In the pop up window, select Topic Search.

  • In the search bar, type in pmi.

  • Highlight it and select GO, and follow the prompts.

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