PMI deduction was renewed for 2017. Where in TurboTax deluxe is it entered, I see no place to enter it.

[Opus 17]

Amending is free, the instructions are here.  Make sure to wait until your first tax return is processed and the refund is paid, before you file the amended return. Amend <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/3288565">https://ttlc.intuit.com/replies/3288565</a>

[Opus 17 · Accepted solution]

Turbotax was updated to allow the deduction for mortgage insurance premiums 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.)

Also, because the deduction expired at the end of 2016 and was not renewed until 2018, many banks did not report mortgage insurance on their 1098 forms.  If you don't know your PMI or MIP amount, contact your mortgage lender.

[cparise1]

Today is Feb. 24, 2018 and I still cannot find PMI deduction after updating my Turbotax software. Above it states "It's included in the entry for mortgage interest."  I clicked on that section and no where is there a spot to add it in.  PLEASE HELP!

[macuser_22]

Deductions and credits, Mortgage.   Or enter pmi in the search topics box.

[Opus 17]

If you enter a 1098, the first screen is the mortgage interest, then continue, the next screen allows you to enter boxes 2-5 (date of mortgage, balance, property taxes and MIP.)  If you don't see MIP on this page, then your program probably did not update.  You may need to uninstall, reinstall and re-update.

[nipper404]

I entered in my PMI in section 5 and it did not affect my refund.  Why?

[Opus 17]

@nipper404 are you affected by the income phase-out?  The PMI deduction is phased out beginning at $100K gross income (50K for married filing separately) and is eliminated above $110K income ($55K MFS).

[nipper404]

@Opus 17 Yes that was the issue.  Gross income was above $110K.

[tawadley]

Is this just extended for 2017? Does anyone know if this is a permanent bill that I could deduct in the coming years?

[macuser_22]

No it has already expired for 2018 unless it is extended again.  All that was changed was the prior Dec 31, 2016 expire date to  Dec. 31, 2017.   As of now it has already expired for 2018.

[bryanc767]

Yep, same thing here - I went to amend our tax form and found no change to our return, so we wont be mailing in the amended form (if you already filed, you only need to amend your tax form if you would now owe or get a return, if there is no dollar change then you can forget about mailing an amendment).. We too were phased out due to combined income. This was extended 1x time for 2017, and is not guaranteed to for 2018 filing unless extended (but unlikely due to the new tax rates going into effect)

[DoninGA]

PMI as a deduction expired at the end of 2016 and has not been renewed or extended for tax year 2017.

[meyerj2787]

The PMI deduction has been renewed as it was included in the Feb 9 budget deal Congress passed. Prez has to sign bill, but once he does, it's official. Turbo, how long will it take software to be updated?

[DoninGA]

@meyerj2787 - Since the spending bill with the tax extenders has just been passed and signed into law, both the IRS and tax preparation software companies have to change various forms, schedules, worksheets and calculations to conform with the extenders in the bill.  It will be several weeks before anything is finalized at the IRS and with the TurboTax software which must also be approved by the IRS after they have completed their own system configurations.

Go to this IRS website for information - <a rel="nofollow" target="_blank" href="https://www.irs.gov/newsroom/irs-statement-on-retroactive-extender-provisions">https://www.irs.gov/n...>

See this TurboTax support FAQ for information - <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4241639-tax-relief-the-bipartisan-budget-act-of-2018">https://ttlc...>