I received a Form 1098-MA, now what?
Form 1098-MA is for informational purposes and is not reported on the tax return. Do not include mortgage assistance payments as income.
There are three boxes on the form:
- Box 1. Shows the total amount of State HFA mortgage assistance payments and homeowner mortgage payments.
- Box 2. Shows the amount of State HFA mortgage assistance payments.
- Box 3. Shows the amount of mortgage payments the homeowner paid to the State HFA.
For tax return preparation purposes, Form 1098-MA can be used to ensure that taxpayers who are including mortgage interest as an itemized deduction only include the mortgage interest they actually paid. If the taxpayer did not make the mortgage payments, the taxpayer cannot claim the mortgage interest for any amounts paid on their behalf.