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My mortgage is serviced by Wells Fargo Home Mortgage. I pay PMI.
On my 2011 1098 from them, the amount of PMI paid was listed on the form.
On my 2012 1098 from them, it was not.
I called them and they told me the figure and I asked them to send an amended 1098 with the figure on there, but they said they don't do that anymore due to a change in tax law. I don't understand this, since according to Turbo Tax I can deduct PMI...but how do I prove the amount without the amended 1098?
Wells Fargo said they'd send me a letter indicating how much PMI was paid on my loan; is that sufficient documentary evidence to take the deduction?
The itemized deduction for PMI originally expired at the end of 2011 but the "fiscal cliff" legislation renewed the deduction for 2012 and 2013. The problem is that mortgage lenders had already generated the Forms 1098 by the time the legislation was signed into law. So you can deduct PMI for 2012.
I'm willing to bet that the big mortgage lenders will be sending out revised Forms 1098:
However, if you don't want to wait for a revised 1098, if you have other documentation from your lender showing the amount of PMI premiums, that should be sufficient.
Thanks; I got back on the phone with Wells Fargo and the third person I spoke to basically admitted that they generated their 1098s before the end of 2012 and got caught out by some last-minute legislation, so they were re-doing them and I would have a correct copy in early February.
The first two people I spoke to refused to send out a corrected 1098, but I wasn't going to take no for an answer!
I'm in the same situation with WF, and I just looked at my account online and got the dollar amount and plugged it into TurboTax. I figure, if i get audited, I can print something from their website showing the amount paid.
Thanks; I got back on the phone with Wells Fargo and the third person I spoke to basically admitted that they generated their 1098s before the end of 2012 and got caught out by some last-minute legislation, so they were re-doing them and I would have a correct copy in early February.
The first two people I spoke to refused to send out a corrected 1098, but I wasn't going to take no for an answer!
Wow, thank goodness you kept calling back! I'll have to call my lender, too.
Chase issued me a letter with my total PMI premiums for 2012. They will not be issuing new 1098s.
Works for me.
Wells Fargo offered the same to me but I'm paranoid about my taxes; I want everything to be 100% as it's supposed to be, with the PMI figure on the 1098. I figure my odds of being audited are slim (I don't fall into any high risk categories) and even if I was, the IRS would be satisfied with something from the lender showing the amount paid...but I figured why deal with the aggro if I don't have to? With my luck I'd get the one hard-nosed IRS agent who's like "Well...why DIDN'T you call them to ask for an amended 1098?"
WF sent me a revised form that included the approx. $800 I paid in PMI for 2012. But when I put that into TurboTax it said that I don't qualify for the PMI deduction. Anyone know why that might be?
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