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Credit unions reporting mortgage insurance premiums paid by their members should still report that information in Box 4 of Form 1098 for tax year 2012.

Both payments of mortgage insurance premiums and private mortgage insurance are reportable in Box 4 of Form 1098. Form 1098, Mortgage Interest Statement, is required if the taxpayer pays at least $600 in mortgage interest or mortgage insurance during the calendar year. Form 1098 is provided to the borrower and to the IRS.

The IRS issued guidance following enactment of the fiscal cliff package at the beginning of January. The guidance is in Internal Revenue Bulletin 2013-3.