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:
- Go to Federal Taxes
- Select Deductions and Credits
- Select I'll choose what I work on if the option is given
- Scroll to the heading Your Home
- Select Start next to the line titled Mortgage Insurance
You can
then enter your mortgage insurance premiums in this section of TurboTax.
