Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
sbarca
New Member

Can you tell me if my VA funding fee is deductible or is there an income threshold associated

 
1 Best answer

Accepted Solutions
JulieM
New Member

Can you tell me if my VA funding fee is deductible or is there an income threshold associated

The VA Funding fee on the purchase of a personal residence is entered as an itemized deduction on Form 1040 Schedule A  for Mortgage Insurance

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Deductions and Credits
  • Click on I'll choose what I work on (if shown)
  • Under Your Home
  • On Mortgage Insurance, click the start or update button

Per IRS Limit on deduction. If your adjusted gross income on Form 1040, line 38, is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are otherwise deductible is reduced and may be eliminated

When adjusted gross income (AGI) reaches or exceeds $109,000 ($54,500 if married filing separately) the deduction is eliminated

See https://www.irs.gov/publications/p936/ar02.html#en_US_2015_publink1000296058







View solution in original post

1 Reply
JulieM
New Member

Can you tell me if my VA funding fee is deductible or is there an income threshold associated

The VA Funding fee on the purchase of a personal residence is entered as an itemized deduction on Form 1040 Schedule A  for Mortgage Insurance

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Deductions and Credits
  • Click on I'll choose what I work on (if shown)
  • Under Your Home
  • On Mortgage Insurance, click the start or update button

Per IRS Limit on deduction. If your adjusted gross income on Form 1040, line 38, is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are otherwise deductible is reduced and may be eliminated

When adjusted gross income (AGI) reaches or exceeds $109,000 ($54,500 if married filing separately) the deduction is eliminated

See https://www.irs.gov/publications/p936/ar02.html#en_US_2015_publink1000296058







About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.61m
Discussions

Manage cookies
v