Can I deduct mortgage insurance premiums on my 2017 taxes?

[angwolff]

I have already completed my taxes, they were accepted and I received my refund. How do I use  my mortgage insurance now?

[thenapple]

On February 21, 2018, Intuit released R18 for TurboTax 2017 and this included adding Mortgage insurance premium field (Form 1098, Box 5):

<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3169946-turbotax-2017-release-notes-for-windows-personal-tax-softw...>

However, when amending and adding this amount and viewing the amended return summary, the message is displayed, "We don't detect any differences between your original 2017 return and your amended return." This was my result and I do not believe this is correct and that another update is needed.

[sidebyrnes]

I see the update answer. Do I still need to amend if turbo tax detects no changes?

[dntax3089]

how do 2 single homeowners filing separately deduct mortgage insurance premiums?

[TomK]

No, to no changes amend.

[TomK]

Re: single, filing separately: you can split the PMI if you are both responsible for & pay the mortgage or one of you can take the deduction (are both names/SS#s on the 1098? if not, on the deed?)

[strebigmr03]

is the turbo tax software updated for the mortgage insurance deduction that just got extended?  I entered our insurance in and nothing changed?

[stephandjason]

I also re-entered our mortgage insurance in the last week of March and it remains 0 on my deductions.

[BobinCT]

There is no deduction if your income exceeds 109,000 (or 54,500 MFS)

[TomK · Accepted solution]

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

YES!

To enter/edit Mortgage Insurance (PMI):

1. Open your return (or continue if open).

2. Type “pmi” (upper-case works too) in Search box (upper right-hand corner of the screen)

3. Click on “Jump to pmi” link.

4. Answer screen interview prompts.

Please see screenshot below:

[Edited 3/16/18 | 11:25am]

If you see no change to your tax return, then you do NOT need to amend your return.  Your Form 1098, Mortgage Interest Statement may allow you deduct mortgage interest, mortgage insurance premium, real estate taxes, etc., but if you don't itemize or if these deductions don't change your return, then you do not have to file it.

[TomK]

Please see updated answer.