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ssimmons918
New Member

I saw they passed PMI to be deducted yesterday ? is this something we can use this year , now ?

 
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Opus 17
Level 15

I saw they passed PMI to be deducted yesterday ? is this something we can use this year , now ?

 We have no official word on when the program will be updated. It will probably be 2 to 4 weeks, since the IRS has to update their systems first, and then approve every tax provider to update their systems. 

 You can either file now and amend later, or wait.  If you check the program once a week or so, as soon as you see PMI listed in the program, you can take the deduction and then finish filing.

*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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3 Replies
DoninGA
Level 15

I saw they passed PMI to be deducted yesterday ? is this something we can use this year , now ?

The IRS has to change the calculations and the Schedule A for the PMI to be available again on the schedule.  This is going to take several weeks.  Then the IRS has to approve the TurboTax Schedule A and calculations before the schedule is available in the TurboTax software.
See this IRS website for information concerning the tax extenders that were approved - <a rel="nofollow" target="_blank" href="https://www.irs.gov/newsroom/irs-statement-on-retroactive-extender-provisions">https://www.irs.gov/n...>
xmasbaby0
Level 15

I saw they passed PMI to be deducted yesterday ? is this something we can use this year , now ?

<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4241639">https://ttlc.intuit.com/questions/4241639</a>
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Opus 17
Level 15

I saw they passed PMI to be deducted yesterday ? is this something we can use this year , now ?

 We have no official word on when the program will be updated. It will probably be 2 to 4 weeks, since the IRS has to update their systems first, and then approve every tax provider to update their systems. 

 You can either file now and amend later, or wait.  If you check the program once a week or so, as soon as you see PMI listed in the program, you can take the deduction and then finish filing.

*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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