While these ended December 31st, 2016, they were re-introduced for the 2017 tax year via the Tax provisions providing tax relief. Currently, we are awaiting an update from the IRS as this was placed back into law 2/9/2018. Remember, Mortgage insurance premiums deduction is only available if all of these are true:
- The mortgage insurance premium deduction applies only to loans taken out on or after January 1, 2007.
- The insurance policy must be for home acquisition debt on a first or second home.
- You will itemize your deductions.
However, even if you meet the criteria above, the mortgage insurance deduction will be:
- Reduced by 10% for each $1,000 your adjusted gross income (AGI) is more than one of these:
- $100,000
- $50,000 if married filing separately
- Eliminated if your AGI is more than one of these:
- $109,000
- $54,500 if married filing separately
When it is updated, you should be able to enter into TurboTax using the instructions below.
-
Open your return.
(To do this sign into TurboTax and click the Take me to my return button.)
- Search for "PMI" (search button on top right of screen) and click the "Jump to" link.
- Follow the screens to enter your mortgage insurance.
[Edited; 2/17/2018]
