Late Tax Documents???

[ckmommy]

I just called Wachovia to find out where my tax document was. I thought they needed to be mailed out by Feb. 1. The lady I talked with told me that Wachovia got an extention from the government, so they do not have to mail out any tax info until Feb. 20th. I am fairly ticked off about this. Don't you think that someone should have informed us about this? Although, there is nothing I can do about it. I am sure I would not be complaining if I were not getting a refund, but now I have to wait even longer to file my tax return. I guess I get to contemplate what we are going to buy with our refund for a few more weeks!!!

 

[goodeats]

Is it just a simple savings account that you have with wachovia? If you're just looking for interest income can't you calculate it by looking at last years statements. I don't think you specifically need the 1099-Int.

But then if you calculated wrong you would have to file ammended return .

I have another Tax document question. If I bought a home in 2006, is the interest I prepaid at closing (showed up on my HUD statement ) included on my 1098 from my mortgage lender? I don't want to double count anything!

 

[BuckNaked]

Is it just a simple savings account that you have with wachovia? If you're just looking for interest income can't you calculate it by looking at last years statements. I don't think you specifically need the 1099-Int.

But then if you calculated wrong you would have to file ammended return .

I have another Tax document question. If I bought a home in 2006, is the interest I prepaid at closing (showed up on my HUD statement ) included on my 1098 from my mortgage lender? I don't want to double count anything!

If your mortgage hasn't been sold by the original lender, then yes, it should be included. Don't forget that if you paid points, you may be able to deduct those as well.

 

[goodeats]

Well, it was sold but we got a 1098 from each lender. There are points on one of the 1098's that I deducted (amortized over the life of the loan). I'm worried there are interest/property taxes on the HUD statement that's not included on the 1098's. But at the same time I don't want to double count anything and get in trouble with the IRS. I guess I could just recalculate interest paid and see if it ties to the 1098.

Isn't tax season fun?!

 

[BuckNaked]

Well, it was sold but we got a 1098 from each lender. There are points on one of the 1098's that I deducted (amortized over the life of the loan). I'm worried there are interest/property taxes on the HUD statement that's not included on the 1098's. But at the same time I don't want to double count anything and get in trouble with the IRS. I guess I could just recalculate interest paid and see if it ties to the 1098.

Isn't tax season fun?!

Tell me about it, I feel your pain.

Ours was easy to figure out, because the mortgage was sold before we made our first payment, so the interest shown on the 1098 matched exactly with the settlement statement. If your's was sold later, you can just do what you mentioned, i.e., calculate the interest you've paid in total and then compare that to the total of the 1098s.

Property taxes won't be included on your 1098, plus you can only deduct the amount of property tax that is actually paid in the tax year, not what you paid into escrow.

As for the points, did you have to amortize them? We were able to deduct all of our points.

 

[brerrabbit]

It was not publized but the Federal Government working in conjunction with those companies who are obligated to provide interes and investment information to taxpayers as well as the government were given extended deadlines this year and possibly into the future. The problem was that in order to meet the previous deadline of January 31 many of the reporters were issuing preliminary data and then coming back and revising the data with amended filings. The IRS asked what date would work in order to eliminate or at least substaintially reduce the number of amended documents and the response was February 20th. Hence the new extended deadline. I am pretty sure this applies to all tax documents.

 

[goodeats]

I'll have to look into why TurboTax made me amortize them. It would make a HUGE difference if we could take them all now. Hmmm. We bought a multi-unit property and rent out the other units so that might be part of it?

Our 1098's did show property taxes paid. We have an escrow account, but the amount on the 1098 was what the escrow paid to the county so I think I'm OK there.

Thanks for your help!

 

[BuckNaked]

I'll have to look into why TurboTax made me amortize them. It would make a HUGE difference if we could take them all now. Hmmm. We bought a multi-unit property and rent out the other units so that might be part of it?

Our 1098's did show property taxes paid. We have an escrow account, but the amount on the 1098 was what the escrow paid to the county so I think I'm OK there.

Thanks for your help!

Ahh, you are absolutely right on the property taxes - I just looked at our 1098 and it is there.

The fact that yours is a multi-unit may be why you had to amortize the points. I used TurboTax as well, and IIRC, that was one of the questions it asked me. Sorry about the confusion on my part!