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Form 1040: Where to Enter Form 1098-MA Information on Schedule A

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Form 1040: Where to Enter Form 1098-MA Information on Schedule A

Description

Homeowners who have received mortgage assistance may receive a Form 1098-MA tax document and will need to know where to report this information.

Solution

Per ProSeries Tax Help:

Payments reported on Form 1098-MA, box 3 or facsimile should be entered on line 8a (line 10 for tax year 2017 and prior) of Schedule A even though the reported amount can include both interest, mortgage insurance premiums and real estate taxes.  Additionally, interest paid by the homeowner and reported on Form 1098 is also deductible in line 8a (line 10 for tax year 2017 and prior) of Schedule A.  However, the taxpayer's total deductible amount reported on Schedule A from Form 1098 and 1098-MA should never exceed the amount of interest, mortgage insurance and real estate taxes actually paid by the homeowner and otherwise deductible unless the safe harbor method is used.

Additional Information:

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