Did PMI get extended for 2017?

Forum|Forum|7 years ago
June 6, 2019
15 replies
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macuser_22

Alumni - Champ

Do not amend until after the original return has been fully processed and refund received.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Lisa995

Alumni - Champ

"or do we have to print, mail, etc"

Yes, amended returns can only be printed and mailed.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

Opus 17

Level 15

Turbotax was updated to allow the deduction for mortgage insurance premiums as of February 22, 2018. It's included in the entry for mortgage interest.

Remember that the usual rules still apply: there are income limits, and pre-paid lump sum amounts must be spread out over 84 months, you can only deduct the number of months worth that you paid in 2017. (Up front lump sum amounts for the VA funding fee and Rural Housing Authority are fully deductible, and monthly premiums are fully deductible.)

Also, because the deduction expired at the end of 2016 and was not renewed until 2018, many banks did not report mortgage insurance on their 1098 forms. If you don't know your PMI or MIP amount, contact your mortgage lender.