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New Member
posted Jan 15, 2020 6:28:08 PM

Is PMI currently being calculated by Turbo Tax for 2019? I entered my information and my return didn't change at all? Any ideas?

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2 Replies
Level 15
Jan 15, 2020 6:43:40 PM

maybe not - that was one of the tax law changed that Congress re-instituted very late in December; give it a few weeks for the programming to occur (the IRS isn't accepting tax returns until January 27th in any event).

 

Level 15
Jan 15, 2020 7:30:18 PM

TurboTax does calculate the PMI deduction. There are several possible reasons that the deduction might not change your refund. Here are the two most common reasons.


If your AGI is more than $100,000 ($50,000 if married filing separately) the PMI deduction begins to phase out. If your AGI is more than more than $109,000 ($54,500 if married filing separately) the deduction is phased out completely.


If your total itemized deductions are less than your standard deduction, even with the PMI, the PMI will not make any difference in your refund.