1098 Form -Box 4 Real Estate Taxes - Mortgage Insurance Premiums???

Is the amount for Property Taxes and Insurance Premiums? I'm in Escrow and am confused by the Home Owners insurance doesn't apply for Mortgage Insurance Premiums. BUT the Explain This button states your MIP is usually in Box 4. Appreciate any help.

  • i pay a pmi of 18.93 monthly why is no report of this in box 4
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If you call the number on your 1098 form they have a menu item for tax information that will give you the PMI amount via automated phone.
  • thank you Kimberly!!! Wells Fargo does give the MIP over the phone!
  • I just called the 1-800 number and they did give the PMI amount. Thanks
  • Yep, this worked. Thanks for the advice!
  • Yup! The phone system confirmed the PMI amount I calculated from my statements. I was freaking out...
  • very helpful thank you
  • Man I hate Bank of America they couldn't give me the PMI info over the phone. But thanks for your help.
  • just logged into my WF account and under statements & documents there is the updated form :D
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 I also have real estate taxes in box 4, and no mortgage insurance anywhere on my 1098.  I was told by a WELLS FARGO phone rep that they weren't required to report Mortgage Insurance on the 1098.   She also said that they were going to send out a seperate notice before Jan 31 showing paid PMI.

Not sure if that helps anyone, or if she was right.  But that's all I could find.
  • Sounds like they are going to use this "separate notice before Jan 31 showing paid PMI" to cover their behind.  The IRS updated the 2012 1098 e-filing specifications to include box 4 MIP.  If WF doesn't insert the MIP amount in box 4 during their 1098 IRS filing then what you claim as MIP on your taxes will not match what WF reports on the 1098 they filed. You don’t want that to happen.

    http://www.irs.gov/irb/2013-03_IRB/ar14.html
  • Thank you JP for your answer :)
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A better, updated answer.  After reading jp's answer I called WELLS FARGO back.  It seems they sent the 1098 before they were aware of the details of the taxpayer relief act.  (Sidebar: it would have been awfully nice if Congress hadn't waited until the 11th hour)  So WELLS FARGO is reporting the Mortgage Insurance amount to the IRS, just like they should.  And rather than sending an updated 1098 form as jp suggessted, they are simply sending this additional letter as an "official" addendum.  

  • I just spoke to a WF rep and she said the forms will be generated 2/4/13 - so you can either check online on/after 2/4/13 or wait for the snail mail.
  • the updated form was already there when i signed into my account today
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I called Wells Fargo and they gave me the PMI amount over the phone
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    Per an IRS update to the 1098 printing and filing instructions.  MIP must be reported into the blank Box 4.  Ask your loan processor to read the updated IRS rules and re-send your 1098 form.  If they don’t fix it, your MIP will not get reported to the IRS and you risk being flagged as an under reporter and you don’t want to deal with that.

     

    http://www.irs.gov/uac/Recent-Development-Mortgage-Insurance-Premiums-Reporting-and-Form-1098-for-Tax-Year-2012

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      Mortgage insurance premiums may be reported in box 4.  If that does not apply to you ask the lender who sent you the 1098 what that represents.
      • I called the 800 number on my 1098 tax statement (Chase) and the representative game me the PMI dollar amount
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