topic Re: How do you enter mortgage insurance and interest? in Deductions & credits

How do you enter mortgage insurance and interest?

ian30172 — Thu, 21 Jan 2021 19:05:52 GMT

The mortgage interest won’t save what I entered Mortgage insurance goes back to mortgage interest I’ve tried different browsers and the app same thing Using TurboTax Premier on web an

Re: How do you enter mortgage insurance and interest?

DaveF1006 — Thu, 21 Jan 2021 21:49:42 GMT

It depends how you entered the mortgage insurance information. This is entered on Box 5 on your detail screen when you enter your 1098. If entered correctly, the amount of the mortgage insurance is reflected in your return and you should see an increase in your itemized/ standard deduction amount when you view the tax summary screen. To view the summary screen, go to tax tools>tools>view tax summary. Here view the area of the summary screen that says Itemized/standard deduction.

You may wish to test this by first not recording the mortgage insurance information in box 5 and then viewing the tax summary screen. Then

view the itemized/standard deduction amount in the summary screen. Then go back and record the mortgage insurance premium amount and then view the tax summary screen and see if there is a difference.

Re: How do you enter mortgage insurance and interest?

ian30172 — Thu, 21 Jan 2021 22:47:11 GMT

Thanks for the quick reply.

My problem is that the numbers are entered correctly but when I click "done" the summary page says "not started" and $0

The other issue is that when I click the link to Start Mortgage Insurance, it takes me to the Mortgage Interest screen.

Seems to me like there is a bug in the software for those 2 expenses.

Re: How do you enter mortgage insurance and interest?

DianeW777 — Thu, 21 Jan 2021 23:11:05 GMT

Before you begin to enter the mortgage interest and mortgage insurance premiums be sure to clear your cache and cookies.

The mortgage insurance premium is included with mortgage interest on the tax return. See the steps and image below.

While you are signed into your TurboTax Online account use the instructions below.

Open your return.
(To do this sign into TurboTax and click Deductions & Credits.)
Search for "PMI" (search button on top right of screen) and click the "Jump to" link.
Follow the screens to enter your mortgage insurance and mortgage interest
Image 2 shows the summary of the entries in the Form 1098

Re: How do you enter mortgage insurance and interest?

ian30172 — Thu, 21 Jan 2021 23:34:40 GMT

Sorry, my original question obviously wasn't clear enough.

This is entering mortgage interest and insurance on my rental property. Under Wages and Income I have created a rental property (Schedule E) and entered things like real estate taxes, insurance premiums, etc.

If I click to start entering mortgage insurance it takes me to the mortgage interest page - clearly a broken link.

When I enter the amounts in mortgage interest, it doesn't save them. on the summary page The summary page says "not started" and the amount is zero. If I open it back up, the amount I entered is still there.

Re: How do you enter mortgage insurance and interest?

DianeW777 — Fri, 22 Jan 2021 00:27:01 GMT

First step is to clear your cache and cookies, then close the program and reopen. It works so many times for unknown reasons.

The mortgage interest and mortgage insurance posted under the rental activity in my scenario appears to post correctly.

When I go to the Wages & Income page after completing the rental the correct net profit is listed based on my entries.

See the image below.

If you continue to have difficulty:

Click or tap here to go to our Contact us page.

Select your product (CD/Download Mac or CD/Download Windows, or Online), your edition (Basic, Deluxe, etc.), ask your question, then select Continue.
On the following screen, enter your contact info, then select Get the phone number.

Re: How do you enter mortgage insurance and interest?

ian30172 — Fri, 22 Jan 2021 18:53:59 GMT

It must be something wrong in my account.

I'm an IT guys so I tried clearing cache, memory, etc. Tried from different browsers, even a different laptop. Also tried it in the App on my iPhone and it does the same thing.

Re: How do you enter mortgage insurance and interest?

ian30172 — Fri, 22 Jan 2021 18:55:11 GMT

BTW, I did the support thing and was on the phone with them for over an hour and they didn't know what the problem was either..!