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[dmh7853]

I received a letter from my bank on 2/22/18 (mortgage) stating that they were writing to give me the amount of my Mortgage Insurance paid in 2017. It stated that at the direction if the IRS, they did not include the amount in Box 5 on IRS Form 1098 they mailed me in January. It stated that as a result of recent legislation they were now providing this info. I was told to ask my tax advisor or IRS if this amount is deductible. I have already efiled on 2/15/17 and am awaiting my refund. If this is refundable, Should I submit an amended return?

Thank you

[LeeM · Accepted solution]

That Mortgage Insurance or PMI could be deductible if you itemize and the insurance contract was issued after 2006. However, once your adjusted gross income (AGI) exceeds $100,000 ($50,000 for married filing separately) the deduction is reduced.

I would prepare an amended return, enter that PMI and if the amount changes, you can submit that amendment.

You can enter that PMI using the directions at the bottom of this answer.

You can prepare your amendment using the directions in the FAQ below:

https://ttlc.intuit.com/replies/3288565

ENTERING PMI

https://ttlc.intuit.com/replies/6645389