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Eric Said:

If you change your homeowners insurance to a lower rate does your escrow rebate you the difference?

We Answered:

Good question, I'm not sure. I also recently switched insurance companies, but in my mortgage, I'm responsible for it. No money is taken out for insurance. Alot of Texas loans are setup this way. In your case, I would contact your mortgage company and try to get it adjusted to the new rate (which means they will be charging you less per year). Its best homeowners shop around for insurance, mortgage companies certainly won't, what do they care about saving you money.
Good luck!

Lorraine Said:

Married filing Jointly Vs Married Filing separately?

We Answered:

That is probably correct - the one reason it's probably working out for doing MFS is because her income is so low.

Keep in mind though, that if you are doing MFS, you both either have to take the standard deduction, or you both itemize - you can do one each way.

Jeremy Said:

Can you please help with my tax question?

We Answered:

You should wait until you receive your refund and then file and amended tax return, Form 1040X.

I do have a question about the mortgage insurance premiums. Are they paid on a mortgage that began in 2007 or 2008? These are the only premiums that are eligible for an itemized deduction. If you obtained the mortgage before 2006 then these premiums would not be deductible.

Laura H – H&R Block – Senior Tax Advisor 5
**This advise was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

Mitchell Said:

i have no idea what this means?

We Answered:

Here is a website from the IRS that explains everything about your statement, for tax filing 2008. It's the easiest way to explain each of the numbered questions that you have, and it's up to date.

http://www.irs.gov/instructions/i1098/ar02.html

Kurt Said:

If you change your homeowners insurance to a lower rate does your escrow rebate you the difference?

We Answered:

If you change your insurance policy then your escrow will credit you upon renewal. Therefore it can drop your monthly payment for the next year if it has a surplus.~~