topic Just got letter from previous mortgage company with the amount of mortgage insurance I paid for 2017. it says the its told them to withhold it from box 5 at first... in Deductions & credits

Just got letter from previous mortgage company with the amount of mortgage insurance I paid for 2017. it says the its told them to withhold it from box 5 at first...

kimberlyjg1986 — Mon, 03 Jun 2019 18:37:27 GMT

does this mean I can NOW add this to my taxes?? if so where do I add this?? is this considered mortgage principal???

The mortgage insurance deduction originally expired on De...

PaulaM — Mon, 03 Jun 2019 18:37:29 GMT

The mortgage insurance deduction originally expired on December 31, 2016. It was then extended for 2017 by the Bipartisan Budget Act of 2018 signed on February 9, 2018.

TurboTax will update its tax program as soon as the IRS updates the form. They have not yet updated the schedule A form that the mortgage insurance premium is deducted on.

Mortgage insurance premium (PMI) is not the same thing as your mortgage principle. You can find the mortgage principle on your January statement.

Two options: Wait to file until the IRS updates the Schedule A (but file before the due date of the return), or file now without the mortgage insurance deduction and amend later when the form is updated.

Please read this TurboTax FAQ for more information:

https://ttlc.intuit.com/questions/4241639

Turbotax was updated to allow the deduction for mortgage...

Opus 17 — Mon, 03 Jun 2019 18:37:32 GMT

Turbotax was updated to allow the deduction for mortgage insurance premiums as of February 22, 2018. It's included in the entry for mortgage interest.

Remember that the usual rules still apply: there are income limits, and pre-paid lump sum amounts must be spread out over 84 months, you can only deduct the number of months worth that you paid in 2017. (Up front lump sum amounts for the VA funding fee and Rural Housing Authority are fully deductible, and monthly premiums are fully deductible.)