What is a 1098 interest statement?
The 1098 statement details all interest, taxes and mortgage
insurance (if applicable) paid to a lender for a given year. The
lender is required to send this statement to the customer by
January 31 each year.
When will I receive my year-end tax statement?
Trustmark will mail year-end tax statements by January 31.
What deducons can I claim on my income tax return?
We can’t provide tax advice. We suggest you contact your
tax/nancial advisor or the IRS at 800.829.1040 or IRS.gov
for more informaon.
I pay mortgage insurance premiums (MIP/PMI) monthly.
Why isn’t that listed in Box 4 on my Form 1098?
The IRS no longer requires us to report the mortgage
insurance premiums on Form 1098 or your loan does not
qualify for this deducon. We suggest you contact your
tax/nancial advisor or the IRS at 800.829.1040 or IRS.gov
for more informaon.
Why does my Form 1098 show more interest paid for the
reporng year than the previous year?
The amount of interest you pay may change from year to
year, usually because of a change in your interest rate or in
the number of payments we received from you during the
calendar year.
Why doesn’t my Social Security Number appear on Form
1098?
The IRS requires us to report mortgage interest received
from the “Payer of Record” on the loan. We report it in the
name and Social Security Number of the primary borrower.
Why is the co-borrower’s Social Security Number not on
the 1098 statement?
The IRS only requires the Social Security Number of the
primary borrower on the 1098 statement.
Can reportable interest be claimed by more than one
person on their income tax return?
We can’t provide tax advice. We suggest you contact your
tax/nancial advisor or the IRS at 800.829.1040 or IRS.gov
for more informaon.
Will I receive more than one Form 1098 for the same
property in a year?
You should receive a Form 1098 from each company to
which you paid reportable mortgage interest or points. You
could receive more than one Form 1098 if you renanced
the property during the year and/or if servicing of the loan
was transferred.
IRS Form 1098 | Mortgage Interest
Does Trustmark report the real estate taxes I paid during
the year on Form 1098, and can I deduct them on my
income tax return?
The IRS does not require us to report real estate taxes paid
by you on Form 1098. We do, however, provide that
informaon to you (for informaonal purposes only) on the
Annual Tax and Interest Statement. To determine if the real
estate taxes you paid are deducble, we suggest you contact
your tax/nancial advisor or the IRS at 800.829.1040 or
IRS.gov for more informaon.
Why does my 1098 statement show that no taxes were
disbursed?
Your 1098 may show that no taxes were disbursed for one
of the following reasons: the taxes were paid at closing, the
taxes were not paid from the escrow account in the year
the 1098 is reporng on, or the loan was paid o before the
taxes were due.
I paid points at closing. Why isn’t that listed on my 1098
statement?
Not all points are reportable, according to IRS regulaons.
The points paid at closing may not appear on your 1098
statement if Trustmark was not the originang lender or if
the loan was a renance. We suggest you contact your tax/
nancial advisor or the IRS at 800.829.1040 or IRS.gov for
more informaon.
I made 14 payments. Why are only 13 payments listed
on my 1098 statement?
Only 13 months of interest can be claimed in any given
year – January through January. Somemes a borrower will
have made a payment in December of the previous year. The
January interest is claimable, because interest is in arrears
(if applicable, the January payment includes December’s
interest).
Why does my name not appear on the year-end tax
statement when I signed the loan?
Only the primary and secondary borrower will be listed on
the year-end tax statement or 1098, and only the primary
borrower’s Social Security Number will be reported on the
1098. To change the order of the names and reporng on
future year-end tax statements, please contact our Customer
Contact Center at 800.844.2400.
I am a co-borrower. Will I receive an annual 1098
mortgage interest statement?
Trustmark sends one 1098 mortgage interest statement to
the primary borrower at the mailing address on record.
How do I obtain copies of my year-end tax statement /
Form 1098 interest statement from prior years?
For statements older than 13 months, please contact our
Customer Contact Center at 800.844.2400. There may be a
fee for obtaining copies of prior year tax statements.
