The Taxpayer Certainty and Disaster Relief Act of 2019 extended the deduction for private mortgage insurance premiums (PMI or MIP) to apply to 2018 taxes. The bill was passed by Congress and signed into law in December of 2019 after many of our customers had already filed their taxes. If you already filed, you can amend to claim this benefit.
First, make sure you actually need to amend your tax return.
You don’t have to amend if any of the below apply:
- You’re married filing separately with an AGI over $54,500.
- All other filing statuses with an AGI over $109,000.
You can choose to amend if all of the below apply:
- You paid mortgage insurance premiums or private mortgage insurance on your first or second home.
- You’re itemizing on your tax return (or will be by adding this amount).
- You had an AGI under the above-listed limits.
Some states also have a tax break for mortgage insurance premiums. If you filed a state tax return and your state conforms to the federal law changes for mortgage insurance premiums, check if this applies to you and amend your state tax return as well to take this tax break.
Keep in mind: You have 3 years from the date you filed your 2018 return (or 2 years after you paid the tax due, whichever is later) to file an amended return.
- Can I deduct private mortgage insurance (PMI or MIP)?
- Where can I find my 2020 (current-year) AGI?
- I filed my 2018 taxes before the Taxpayer Certainty and Disaster Tax Relief Act of 2019 passed, do I need to amend?
- How do I open my tax return in the TurboTax software I installed?
- What is the deadline for filing an amended return?