Form 1098, Mortgage Interest Statement
Form 1098 is the statement your lender sends you to let you know how much mortgage interest, points, or private mortgage insurance you paid during the year. Normally, your lender will also use the form report real estate taxes you paid during the year as well.
Sometimes, these forms don't look like tax forms, but they should say Form 1098 somewhere on them. If you didn't receive a Form 1098 from your lender, the information might be reported on your January statement or bill from your lender.
If you paid more interest than your Form 1098 shows, you must attach a statement to your tax return that explains why you can deduct more than your lender reported on your Form 1098.
However, if you received a refund of interest, you must report the refund as well.
Form 1098 and TurboTax
Don't worry! When you use TurboTax to prepare your taxes, we’ll ask you questions about your Form 1098, figure out how much mortgage interest you can deduct, and fill in all the right forms for you.
If you've already gone through the step-by-step interview and want to jump directly to the entry screen for Form 1098, follow these directions.
- Select the Federal Taxes tab (the Personal tab in the Home & Business edition).
- Select the Deductions & Credits subtab, then click on Explore on My Own.
- Scroll down the Deductions & Credits screen until you see the Your Home group.
- Click on the Start/Update button to the right of the Mortgage Interest category.
- Follow the prompts.