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I entered my mortgage insurance premiums (block 5 on 1098) into Turbotax but on the 2015/2016 Deduction & Credits overview it reflects a zero?
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I entered my mortgage insurance premiums (block 5 on 1098) into Turbotax but on the 2015/2016 Deduction & Credits overview it reflects a zero?
To meet the eligibility requirements for the mortgage insurance deduction:
You can only deduct qualified mortgage insurance you paid in relation to your main or second home,
You must have started the mortgage insurance contract after December 31, 2006.
-
You must itemize your deductions on Schedule A.
The deduction for PMI starts to phase out once your Adjusted Gross Income (AGI) reaches $100,000, or $50,000 (married filing separately). The deduction for PMI disappears entirely when your AGI reaches $109,000, or $54,500 (married filing separately).
Have you itemized all of your deductions?
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I entered my mortgage insurance premiums (block 5 on 1098) into Turbotax but on the 2015/2016 Deduction & Credits overview it reflects a zero?
To meet the eligibility requirements for the mortgage insurance deduction:
You can only deduct qualified mortgage insurance you paid in relation to your main or second home,
You must have started the mortgage insurance contract after December 31, 2006.
-
You must itemize your deductions on Schedule A.
The deduction for PMI starts to phase out once your Adjusted Gross Income (AGI) reaches $100,000, or $50,000 (married filing separately). The deduction for PMI disappears entirely when your AGI reaches $109,000, or $54,500 (married filing separately).
Have you itemized all of your deductions?
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