turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

ltsmith76
New Member

The 2018 Bipartisan Budget Act retroactively allowed 2017 mortgage insurance payments to be tax deductible, right? If so, where can we add it in turbotax?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
TomK
Expert Alumni

The 2018 Bipartisan Budget Act retroactively allowed 2017 mortgage insurance payments to be tax deductible, right? If so, where can we add it in turbotax?

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 3/26/18 | 1:47pm]

View solution in original post

3 Replies
TomK
Expert Alumni

The 2018 Bipartisan Budget Act retroactively allowed 2017 mortgage insurance payments to be tax deductible, right? If so, where can we add it in turbotax?

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 3/26/18 | 1:47pm]

TomK
Expert Alumni

The 2018 Bipartisan Budget Act retroactively allowed 2017 mortgage insurance payments to be tax deductible, right? If so, where can we add it in turbotax?

Please see updated answer.

The 2018 Bipartisan Budget Act retroactively allowed 2017 mortgage insurance payments to be tax deductible, right? If so, where can we add it in turbotax?

Turbotax was updated to allow the deduction as of February 22, 2018.  It's included in the entry for mortgage interest.

Remember that the usual rules still apply: there are income limits, and pre-paid lump sum amounts must be spread out over 84 months, you can only deduct the number of months worth that you paid in 2017.  (Up front lump sum amounts for the VA funding fee and Rural Housing Authority are fully deductible, and monthly premiums are fully deductible.)

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question