Up until 2/9 box 5 on your 1098 was reserved for future use

Box 5 was historically where you listed Mortgage Insurance Premium (MIP or PMI depending on who you talk to). You could deduct your PMI / MIP payments. I filed in Feb where PMI was still excluded. Now it's allowed as of last week. That's another $1600 in deduction or about $230 refund.

[Post edited by hokiehunter07 at 03/07/2018 3:30PM]

In response to this post by Full-Set and Moonshine

Posted: 03/07/2018 at 3:29PM

So I already filed my taxes and got my return. Now Congress made MIP -- hokiehunter07 03/07/2018 1:25PM

File 1040-X. -- Hokie CPA 03/07/2018 3:54PM

Do I need to file ALL of paper forms or only what changed? -- hokiehunter07 03/07/2018 3:57PM

You file the 1040-X with the corrected copy of your 1040 and supporting -- Hokie CPA 03/07/2018 3:59PM

What did you mean about MIP? ** -- Full-Set and Moonshine 03/07/2018 3:15PM

Up until 2/9 box 5 on your 1098 was reserved for future use -- hokiehunter07 03/07/2018 3:29PM

Mortgage Insurance Paid (i.e. what you paid for PMI) -- jmanatVT 03/07/2018 3:22PM

Thanks no oroblem -- Full-Set and Moonshine 03/08/2018 1:25PM

Don't bother, the tax involved is minimal. ** -- grill to chill 03/07/2018 1:54PM

In his case, depending on his AGI, couldn't it be worth $400-600? ** -- jmanatVT 03/07/2018 3:18PM

That's minimal to me vs filing an amended return ** -- grill to chill 03/07/2018 3:23PM

I've never had to do it. Is it really that big of a pain? ** -- jmanatVT 03/07/2018 3:26PM

Amended returns attract attention in my experience. FYI ** -- grill to chill 03/07/2018 4:13PM

I imagine the five amended returns I prepared for a fella 6 weeks ago -- Hokie CPA 03/07/2018 5:27PM

No, it's 1 extra form plus the 1040 with changes and support docs. -- vtbones 03/07/2018 3:30PM

Up until 2/9 box 5 on your 1098 was reserved for future use

Insert a Link

Tech Sideline is Presented By:

Our Sponsors