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jaxpg35
New Member

I am trying to find where I input my FHA Mortgage Insurance Premiums. Are they no longer deductible?

I have in putted my Mortgage Deductions but it does not have an area for the MIP that I can find.
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I am trying to find where I input my FHA Mortgage Insurance Premiums. Are they no longer deductible?

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.)

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3 Replies

I am trying to find where I input my FHA Mortgage Insurance Premiums. Are they no longer deductible?

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.)

TomK
Expert Alumni

I am trying to find where I input my FHA Mortgage Insurance Premiums. Are they no longer deductible?

It has not yet been updated in the TurboTax software since it was just recently extended; as we have to wait to receive word from the IRS. This could take some time before the IRS get things updated and once they do, the TurboTax software will then be updated to reflect these changes just as soon we receive direction from IRS. 

The IRS is currently reviewing the tax extender for MIP to determine next steps and you can see their statement here IRS Statement on Retroactive Extender Provisions 

Please see this TurboTax FAQ for more information about Tax Relief - The Bipartisan Budget Act of 2018: https://ttlc.intuit.com/replies/6585982

[Edited 2/18/18 | 4:06pm]
TomK
Expert Alumni

I am trying to find where I input my FHA Mortgage Insurance Premiums. Are they no longer deductible?

Please see updated answer.

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