If you itemized deductions on your original return, it might be beneficial to amend and add this information to see if you can claim additional deductions. You can review the information below, and if you believe it will be beneficial and you qualify for the deduction, you can amend your return to add the amount.
More information about deducting Mortgage Insurance Premiums:
- You can claim this if you itemize deductions and the insurance contract was issued after 2006.
- Once your adjusted gross income (AGI) exceeds $100,000 ($50,000 for married filing separately) the deduction is reduced.
- The mortgage insurance deduction is eliminated once your AGI surpasses $109,000 ($54,500 if married filing separately).
If you amend the return and find that you will receive an additional refund, then you can print and mail the amended return to the IRS (they do not allow amended returns to be efiled).
Please see these instructions for amending a return in TurboTax Online:
https://ttlc.intuit.com/replies/5567856
