You'll need to sign in or create an account to connect with an expert.
There is no date yet for 2018 TurboTax to be updated, but you should expect that it will take a while. The software doesn't get updated the instant that a new law is passed. The law that the president signed last Friday makes hundreds of changes. It's not just the PMI deduction. TurboTax has to wait for the IRS to publish procedures and revised forms for all the changes, and then it takes a while to make all the changes in the software, test them, and get IRS approval for the updates. Also, right now the IRS and TurboTax are devoting all available resources to getting ready for filing 2019 tax returns. I'm sure that retroactive changes for 2018 will not be the top priority.
It appears there has been an update on IRS form for sch A and instructions under tax extenders update. Although it is not clear (I will personally confirm w IRS) you can add your PMI total to your total interest paid line.
@meadowrun2017 wrote:
It appears there has been an update on IRS form for sch A and instructions under tax extenders update. Although it is not clear (I will personally confirm w IRS) you can add your PMI total to your total interest paid line.
As of this date the IRS has not changed the 2019 Schedule A or the Schedule A instructions to include the Mortgage Insurance deduction - https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
Nor has the IRS updated the 2018 Schedule A or the Schedule A instructions to include mortgage insurance.
I contacted the IRS and they’ve indicated the publication should be issued updated by the end of January 2020.
More patience will be needed. It will take longer for them to revise all the tax software and then to go through the process of having the IRS approve of the revised software. You cannot expect this change to be nearly overnight.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
restbrook61
New Member
rosengac
Level 2
teto1376
Returning Member
katehailey
New Member
mjmoor60
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.