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Entering Form 1098-MA in ProSeries

SOLVEDby Intuit6Updated February 27, 2023

ProSeries doesn't have a specific worksheet for the 1098-MA but this article will help you enter these amounts:

  • Payments reported on Form 1098-MA, box 3 or facsimile should be entered on the Schedule A line 8a. The reported amount can include both interest, mortgage insurance premiums and real estate taxes. 
  • Interest paid by the homeowner and reported on Form 1098 is also deductible in line 8a of Schedule A.
  • The taxpayer's total deductible amount reported on Schedule A from Form 1098 and 1098-MA should never exceed the amount of interest, mortgage insurance, and real estate taxes paid by the homeowner and otherwise deductible unless the safe harbor method is used.

What's new for Form 5695 for tax year 2023:

Energy efficient home improvement credit: The nonbusiness energy property credit has changed to the energy efficient home improvement credit. The credit is extended to property placed in service through December 31, 2022. See here for more information.

Residential clean energy credit: The residential energy efficient property credit has changed to the residential clean energy credit. The credit rate for property placed in service in 2022 through 2033 is 30%. See here for more information.

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