I refinanced my home in 2020. Can I deduct the VA Funding Fee cost?

[DoninGA]

The VA Funding Fee is entered on Schedule A Line 8d as an itemized deduction for Mortgage Insurance.  If your Form 1098 from the lender does not have the amount of the VA Funding Fee in box 5 of the form, you will need to contact the lender for the amount. 

You will have to amend the 2020 tax return if you filed without entering the VA Funding Fee.

See this TurboTax support FAQ for amending a 2020 tax return - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-return/00/27439

NOTE - If the Total of all your Itemized Deductions on Schedule A are not greater than the Standard Deduction for your filing status then the Itemized Deductions will have no effect on your tax return and the Schedule A will not be used.

Standard deductions for 2020

• Single - $12,400 add $1,650 if age 65 or older
• Married Filing Separately - $12,400 add $1,300 if age 65 or older
• Married Filing Jointly - $24,800 add $1,300 for each spouse age 65 or older
• Head of Household - $18,650 add $1,650 if age 65 or older

[JillS56]

No, if you refinanced your home in 2020 you cannot take the VA Funding Fee on your 2021 tax return, it should have been taken on your 2021 return.

If you refinanced in 2021 and you accidentally entered 2020 in your question, then Yes you can deduct the VA Funding Fee cost, if you are able to itemize.  The VA Funding Fee is entered on Line 8d of Schedule A.