Box 5 is normally for Misc information (see the IRS instructions for each box below) so many times it is blank.
That being said, lenders sometimes use the boxes differently so if you know you paid something, you can add it BUT keep your records in case the IRS asks why there is a discrepancy in the 1098 information they received from the lender.
When many lenders did their 1098 forms for 2017, PMI was not deductible due to an expiration in the law at the end of 2016. Congress just passed the extension of PMI deductions into 2017 in February 2018. This has frustrated many people!
It is very possible that your lender left it off your form. Make sure you update TurboTax to get the new laws added and then add the PMI when TurboTax asks.
Tax Form 1098, the Mortgage Interest Statement, is used to report mortgage interest of $600 or more. Additionally, this tax form can be used to report premiums paid for mortgage insurance in excess of $600.
There are five boxes on Form 1098 that you need to become familiar with. They include the following:
Box 1: This shows the mortgage interest from the prior year. The amount includes interest secured by real property, which can include a credit card loan, home equity loan (HEL), or home equity line of credit (HELOC). It does not include government subsidy payments, mortgage points, or payments on a “buy-down mortgage.”
Box 2: Contrary to popular belief, not all mortgage points are tax-deductible. This box shows the points that you (or the seller) paid for the purchase of the home, points which are required to be reported. In most cases, these points are deductible in the year they were paid.
Box 3: Many people make the mistake of deducting the amount that appears in Box 3. But this box is for a tax credit or tax refund for overpayment of interest, and is not tax-deductible. If you itemized deductions in the year that you overpaid, you may have to include this income on the “other income” section of your personal income tax return.
Box 4: If you pay mortgage insurance premiums for your mortgage loan, you can include that in this box. This amount may be tax-deductible as well.
Box 5: This box is often times used to provide additional information, including the address of the property.
