cohntr6 Report post Posted March 6, 2018 Interesting what showed up in my email today from PennyMac "A corrected 2017 IRS Form 1098 will be mailed to you by March 15, 2018, from PennyMac Loan Services, LLC (“PennyMac”). If you are registered on our website, you will also receive an email notification as soon as the document has been uploaded for you to view and print.Why You Received This Notice PennyMac mailed you a 2017 IRS Form 1098 prior to January 31, 2018, as required by IRS regulations. Deductions for mortgage insurance premiums ("MIP") had expired at the end of 2016, so PennyMac was not allowed to report MIP you paid in 2017 in Box 5 of the Form 1098. However, on February 9, 2018, President Trump signed into law H.R. 1892, the "Bipartisan Budget Act of 2018," which included tax legislation that extended the deductions for MIP paid in 2017. In late February, the IRS announced that lenders who furnished 1098s to borrowers in January 2018 that did not include MIP paid in 2017 should furnish corrected 1098s that include such MIP payments. As a result, we are sending you the enclosed Corrected 2017 IRS Form 1098 that reflects MIP you paid last year in Box 5.What You Should Do You do not need to contact PennyMac, and this information does not affect the servicing of your mortgage account. For additional information as to how this Corrected 2017 IRS Form 1098 may impact your 2017 income taxes, we recommend that you consult with your tax professional. Sincerely, Your PennyMac Loan Servicing Team PennyMac Loan Services, LLCNMLS ID #35953" Good, bad? It seems I'll be able to claim a larger deduction which is good, right? Any CPA's want to chime in? Thanks, Jeff Share this post Link to post Share on other sites
AverageJoe Report post Posted March 6, 2018 Definitely good! tax reform has needed to happen for a long time. I am getting almost $300 more a month thanks to the tax reform. 3 Share this post Link to post Share on other sites
Couzer Report post Posted March 6, 2018 Definitely good! tax reform has needed to happen for a long time. I am getting almost $300 more a month thanks to the tax reform. Yea I noticed this as well, kind of nice. Share this post Link to post Share on other sites
Non-Typical Solutions Report post Posted March 6, 2018 I am getting $17.87 more a paycheck....twice a month which is more than my district gave me in a raise.....so I ain't complaining!!!! 1 Share this post Link to post Share on other sites
Snapshot Report post Posted March 6, 2018 According to Nancy Pelosi, Trump is just giving us "Crumbs", from the tax plan. Ironic, how my paychecks were smaller under the Democrat administration. A lot of crumbs add up Nancy. 1 Share this post Link to post Share on other sites
GJMauro12 Report post Posted March 6, 2018 According to Nancy Pelosi, Trump is just giving us "Crumbs", from the tax plan. Ironic, how my paychecks were smaller under the Democrat administration. A lot of crumbs add up Nancy. Im taking an extra $1,400.00 in Crumbs home this year and I enjoy any crumbs that come my way. Share this post Link to post Share on other sites
Non-Typical Solutions Report post Posted March 6, 2018 According to Nancy Pelosi, Trump is just giving us "Crumbs", from the tax plan. Ironic, how my paychecks were smaller under the Democrat administration. A lot of crumbs add up Nancy. Crumbs don't add up to millionaires but to hard working people who actually work and provide services they were hired to do, crumbs do add up!!!......Not that Pelosi is worried about crumbs............ Share this post Link to post Share on other sites
Tropicalmulch Report post Posted March 6, 2018 Dont let nancy fool you, she knows what those crumbs are worth and she'd take every last one if she could. I too am keeping about 140 crumbs a month thanks to President Trump Share this post Link to post Share on other sites
PRDATR Report post Posted March 6, 2018 When did you all start seeing a difference in your paycheck? Share this post Link to post Share on other sites
Tropicalmulch Report post Posted March 6, 2018 The 2nd week in February if I remember correctly. 1 Share this post Link to post Share on other sites
billrquimby Report post Posted March 6, 2018 Won't know for sure until I see all the new rules for deductions, but it appears the Trump tax plan will hurt me and other retirees on fixed incomes with high medical expenses, which no longer will be deductible. Those of you with earned income from jobs should get a tax reduction, but best I can figure we'll be paying about $400 month more, even with a new lower tax rate. . Bill Quimby Share this post Link to post Share on other sites
Snapshot Report post Posted March 6, 2018 When did you all start seeing a difference in your paycheck? I noticed the increase the 2nd week of February. Share this post Link to post Share on other sites
bonecollector Report post Posted March 6, 2018 When did you all start seeing a difference in your paycheck? Mine started mid Jan. I get about $120 extra a month now Share this post Link to post Share on other sites
buffhunter Report post Posted March 6, 2018 Won't know for sure until I see all the new rules for deductions, but it appears the Trump tax plan will hurt me and other retirees on fixed incomes with high medical expenses, which no longer will be deductible. Those of you with earned income from jobs should get a tax reduction, but best I can figure we'll be paying about $400 month more, even with a new lower tax rate. . Bill Quimby Yes Bill you are dead on with this.... I really don't understand why they would do that crap in this new tax plan... Share this post Link to post Share on other sites
AverageJoe Report post Posted March 6, 2018 Won't know for sure until I see all the new rules for deductions, but it appears the Trump tax plan will hurt me and other retirees on fixed incomes with high medical expenses, which no longer will be deductible. Those of you with earned income from jobs should get a tax reduction, but best I can figure we'll be paying about $400 month more, even with a new lower tax rate. . Bill Quimby Yes Bill you are dead on with this.... I really don't understand why they would do that crap in this new tax plan... What is costing you more? I mean what will you be paying $400 a month more for? Share this post Link to post Share on other sites
