PMI is an itemized deduction reported on Form 1040 Schedule A. If your Total itemized deductions on Schedule A are already greater than the standard deduction for your filing status then it will benefit you to wait until the new Schedule A, calculations and software has been updated at the IRS and then the software, schedule and calculations in the TurboTax software has been approved by the IRS.
If, however, your Total itemized deductions are Not greater than the standard deduction and adding the PMI as a deduction will not increase the total itemized deductions to an amount greater than the standard deduction, there would be no point in waiting for the schedule, calculations and software to become available.
Standard deductions for 2017
- Single - $6,350 add $1,550 if age 65 or older
- Married Filing Separately - $6,350 add $1,250 if age 65 or older
- Married Filing Jointly - $12,700 add $1,250 for each spouse age 65 or older
- Head of Household - $9,350 add $1,550 if age 65 or older
