topic The PMI Deduction was recently signed by the Senate and will be retroactive to 2018 tax returns. When will TurboTax update their software for users to amend 2018 taxes? in After you file

The PMI Deduction was recently signed by the Senate and will be retroactive to 2018 tax returns. When will TurboTax update their software for users to amend 2018 taxes?

macs.macs — Mon, 23 Dec 2019 14:58:58 GMT

Re: The PMI Deduction was recently signed by the Senate and will be retroactive to 2018 tax returns. When will TurboTax update their software for users to amend 2018 taxes?

rjs — Mon, 23 Dec 2019 15:38:20 GMT

There is no date yet for 2018 TurboTax to be updated, but you should expect that it will take a while. The software doesn't get updated the instant that a new law is passed. The law that the president signed last Friday makes hundreds of changes. It's not just the PMI deduction. TurboTax has to wait for the IRS to publish procedures and revised forms for all the changes, and then it takes a while to make all the changes in the software, test them, and get IRS approval for the updates. Also, right now the IRS and TurboTax are devoting all available resources to getting ready for filing 2019 tax returns. I'm sure that retroactive changes for 2018 will not be the top priority.

Re: The PMI Deduction was recently signed by the Senate and will be retroactive to 2018 tax returns. When will TurboTax update their software for users to amend 2018 taxes?

meadowrun2017 — Thu, 26 Dec 2019 23:04:12 GMT

It appears there has been an update on IRS form for sch A and instructions under tax extenders update. Although it is not clear (I will personally confirm w IRS) you can add your PMI total to your total interest paid line.

Re: The PMI Deduction was recently signed by the Senate and will be retroactive to 2018 tax returns. When will TurboTax update their software for users to amend 2018 taxes?

DoninGA — Thu, 26 Dec 2019 23:08:16 GMT

@meadowrun2017 wrote:

It appears there has been an update on IRS form for sch A and instructions under tax extenders update. Although it is not clear (I will personally confirm w IRS) you can add your PMI total to your total interest paid line.

As of this date the IRS has not changed the 2019 Schedule A or the Schedule A instructions to include the Mortgage Insurance deduction - https://www.irs.gov/forms-pubs/about-schedule-a-form-1040

Re: The PMI Deduction was recently signed by the Senate and will be retroactive to 2018 tax returns. When will TurboTax update their software for users to amend 2018 taxes?

DoninGA — Thu, 26 Dec 2019 23:15:02 GMT

Nor has the IRS updated the 2018 Schedule A or the Schedule A instructions to include mortgage insurance.

https://www.irs.gov/pub/irs-prior/f1040sa--2018.pdf

https://www.irs.gov/pub/irs-prior/i1040sca--2018.pdf

Re: The PMI Deduction was recently signed by the Senate and will be retroactive to 2018 tax returns. When will TurboTax update their software for users to amend 2018 taxes?

macs.macs — Tue, 14 Jan 2020 14:28:55 GMT

I contacted the IRS and they’ve indicated the publication should be issued updated by the end of January 2020.

Re: The PMI Deduction was recently signed by the Senate and will be retroactive to 2018 tax returns. When will TurboTax update their software for users to amend 2018 taxes?

xmasbaby0 — Tue, 14 Jan 2020 14:50:15 GMT

More patience will be needed. It will take longer for them to revise all the tax software and then to go through the process of having the IRS approve of the revised software. You cannot expect this change to be nearly overnight.