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scottnkay7
New Member

I am unable to enter PMI. The section for my mortgage 1098 prompts for other info, but I get no prompt for PMI. How do I enter PMI paid?

 
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DoninGA
Level 15

I am unable to enter PMI. The section for my mortgage 1098 prompts for other info, but I get no prompt for PMI. How do I enter PMI paid?

The deduction for Private Mortgage Insurance (PMI) expired at the end of 2016 and has not been renewed or extended for tax year 2017.

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3 Replies
DoninGA
Level 15

I am unable to enter PMI. The section for my mortgage 1098 prompts for other info, but I get no prompt for PMI. How do I enter PMI paid?

The deduction for Private Mortgage Insurance (PMI) expired at the end of 2016 and has not been renewed or extended for tax year 2017.

View solution in original post

TomD8
Level 15

I am unable to enter PMI. The section for my mortgage 1098 prompts for other info, but I get no prompt for PMI. How do I enter PMI paid?

The February 2017 budget bill restored this deduction.  See this for more details:  <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4241639">https://ttlc.intuit.com/questions/4241639</a>
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
Opus 17
Level 15

I am unable to enter PMI. The section for my mortgage 1098 prompts for other info, but I get no prompt for PMI. How do I enter PMI paid?

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.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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