Can we claim our PMI on 2017 Taxes!? I can't get a straight answer.

[ghost]

Yes, but the IRS is still working on necessary changes. You can thank your congress person for not acting on this last summer.

[ajustn12]

where do you enter PMI

[Opus 17]

It's part of the interview for 1098 Mortgage Interest.

[Opus 17 · Accepted solution]

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.)

Also, because the deduction expired at the end of 2016 and was not renewed until 2018, many banks did not report mortgage insurance on their 1098 forms.  If you don't know your PMI or MIP amount, contact your mortgage lender.

[ontherise48]

So if I already filed I will have to file an Amendment to collect on the $541.00. I wonder if thatll even be worth it.

[kathy70]

I just amended mine for the same reason and I am getting an additional 462 back. It doesn’t cost anything to amend, except for the cost of a stamp. These must be mailed in and it takes awhile to process, but in any case it’s your money. It was easy to do on Turbo. Took no more than ten minutes.

[ontherise48]

You have to print out the amendment and mail it in correct?  I only paid 541 in PMI so I doubt I'll get anything significant back.

[kathy70]

Yes. I mailed it yesterday. I logged on and entered the info. You’ll see the number you’ll get back at the top of the page (same as when you file your taxes yearly) and when you see that dollar amount, you’ll know if it’s worth it. Any amount back is worth it because it costs nothing to do amend and it’s your money and you’re entitled to it.

[ontherise48]

And you already received your original refund?

[kathy70]

Yes. I received that in February.

[ghost]

Yes. Soon.

https://ttlc.intuit.com/questions/4241639-tax-relief-the-bipartisan-budget-act-of-2018

[ghost]

IRS isn't saying much.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/newsroom/irs-statement-on-retroactive-extender-provisions">https://www.irs.gov/n...>