I pay FHA/Conv Mortgage insurance, but it is not shown on line 5 of my 1098 form. It is shown in the body of the 1098 form. Can I still deduct it?

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I pay FHA/Conv Mortgage insurance, but it is not shown on line 5 of my 1098 form. It is shown in the body of the 1098 form. Can I still deduct it?

Yes, if you itemize and the insurance contract was issued after 2006.

However, once your adjusted gross income (AGI) exceeds $100,000 ($50,000 for married filing separately) the deduction is reduced.

The mortgage insurance deduction is eliminated once your AGI surpasses $109,000 ($54,500 if married filing separately).

It is possible that the lender did not include it because the PMI/MIP deduction had expired and was only renewed in February 2018 so many lenders did not include it on the form.

If you know what you paid, you can add it in yourself or you can call the lender. Many lenders are sending a corrected 1098 to include it so you could check to see if you are getting one.

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I pay FHA/Conv Mortgage insurance, but it is not shown on line 5 of my 1098 form. It is shown in the body of the 1098 form. Can I still deduct it?

Yes, if you itemize and the insurance contract was issued after 2006.

However, once your adjusted gross income (AGI) exceeds $100,000 ($50,000 for married filing separately) the deduction is reduced.

The mortgage insurance deduction is eliminated once your AGI surpasses $109,000 ($54,500 if married filing separately).

It is possible that the lender did not include it because the PMI/MIP deduction had expired and was only renewed in February 2018 so many lenders did not include it on the form.

If you know what you paid, you can add it in yourself or you can call the lender. Many lenders are sending a corrected 1098 to include it so you could check to see if you are getting one.

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