topic Please see updated answer. in Deductions & credits

The 2018 Bipartisan Budget Act retroactively allowed 2017 mortgage insurance payments to be tax deductible, right? If so, where can we add it in turbotax?

ltsmith76 — Thu, 06 Jun 2019 16:17:28 GMT

To enter/edit Mortgage Insurance (PMI): 1. Open your retu...

TomK — Thu, 06 Jun 2019 16:17:30 GMT

To enter/edit Mortgage Insurance (PMI):

1. Open your return (or continue if open).

2. Type “pmi” (upper-case works too) in Search box (upper right-hand corner of the screen)

3. Click on “Jump to pmi” link.

4. Answer screen interview prompts.

Please see screenshot below:

[Edited 3/26/18 | 1:47pm]

Please see updated answer.

TomK — Thu, 06 Jun 2019 16:17:32 GMT

Please see updated answer.

Turbotax was updated to allow the deduction as of Februar...

Opus 17 — Thu, 06 Jun 2019 16:17:35 GMT

Turbotax was updated to allow the deduction 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.)