Anne received her W-2 in a timely manner from her employer, Big Box Buys, Inc. B
ID: 2559516 • Letter: A
Question
Anne received her W-2 in a timely manner from her employer, Big Box Buys, Inc. Box 1 of the W-2 (Wag other compensation) were reported incorrectly as $32,500. Anne's wages for the year were correct on he paycheck as $32,625. Aaron received his Form W-2 in a timely manner from his employer, Crawford Auto Sales Company. Box the Form W-2 (Wages, tips, other compensation) was reported correctly. His federal tax withholding on the was reported as $325. This was $100 more than his withholding reported on his final paycheck for the yea withholding amount on Aaron's Form W-2 was incorrect Mark for follow up Question 10 of 20. Which of the following statements is NOT true regarding the Mortgage Insurance Premiums Deduction? Homebuyers who are unable to make at least a 20% down payment on the purchase price of their home are required to have private mortgage insurance (PMI) The Mortgage Insurance Tax Deduction Act of 2017 was passed by Congress on January 3, 2017. The Mortgage Insurance Tax Deduction expired December 31, 2016 The PMI deduction applied to policies issued by the Federal Housing Administration (FHA) Mark for fonow up BackSave /Return Later Summary Next»Explanation / Answer
The correct choice is : - Homeowners who are unable to make atleast a 20% down payment on the purchase price of their home are required to have private mortgage insurance.
Explanation : - Amounts paid for qualified mortgage insurance may be deductible as home mortgage interest. The insurance must be in connection with home acquisition debt, and the insurance contract must have been issued after 2006. Qualified mortgage insurance. Qualified mortgage insurance is mortgage insurance provided by the Department of Veterans Affairs, the Federal Housing Administration, or the Rural Housing Service.
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