The VA Funding Fee on the purchase of a personal residence is considered a type of mortgage insurance.
To enter your VA funding fee in TurboTax please follow these steps:
-
Click on Federal Taxes >
Deductions & Credits [In TT Self-Employed:
Personal > Deductions & Credits > I'll choose what
I work on].
- In the Your Home section,
click on the Start/Revisit box next to Mortgage Interest,
Refinancing, and Insurance. [See Screenshot #1, below.)
- If you haven't entered any
mortgage information yet, just proceed through the screens, until you come to
Let's get the details from your [lender] 1098 now. [Screenshot #2]
-
Enter the VA funding fee in Box 5 - Mortgage insurance premiums.
-
If you've already entered some mortgage information you will see the Mortgage Deduction summary screen. Click on Edit on the line for the lender. [Screenshot #3]
- If you need to enter another loan, click on the Add a lender box.
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