Was pmi approved for 2019 ?

[Rachel_W · Accepted solution]

As of tax year 2018, the PMI deduction is currently unavailable. As of now, it is uncertain when, or if, Congress will approve this deduction for tax year 2018, 2019 and beyond. 

If the deduction is approved after your file your 2018 Tax Return, you can file an Amendment to claim the deduction.  Here are the instructions to do so: How to Change a Tax Return You Already Filed.

Alternatively, you can wait to file your Tax Return until Congress definitively approves or denies the deduction.

[thisisbullish]

The Taxpayer Certainty and Disaster Relief Act of 2019 extended the deduction for private mortgage insurance premiums (PMI or MIP) to apply to 2018 taxes. The bill was passed by Congress and signed into law in December of 2019 after many of our customers had already filed their taxes. If you already filed, you can amend to claim this benefit.

[howard-annie]

The "tax breaks page" only includes the property taxes + mortgage interest.  The PMI is not included in that calculation. Will this be updated?  I am itemizing. 

[KarenJ2]

The input screen for your 1098 includes in Box 5, Mortgage insurance premiums.

[njethwa]

Should this box also be used for prepaid PMI?

I paid my PMI upon closing instead of monthly installments, and it's not in my 1098. It doesn't appear putting that value in that box changes anything about the refund so not sure if there is somewhere else to put it?

[KurtL1]

The 2018 Desktop software has not been updated to accept the Mortgage Insurance Premium at this time. The update is expected to be ready later in the tax season. Currently the programmers are working on the 2019 updates.

[howard-annie]

HAS THE 2019 SOFTWARE BEEN UPDATED WITH PMI?  That is what people are trying to figure out.  Because currently the calculation does not include the PMI in the deductions tab.  So should I wait to file or is there an error?

[TomD8]

@ricci0   Yes.  In late 2019, Congress extended an expired tax provision that allows homeowners to deduct private mortgage insurance and other eligible mortgage insurance premiums. The tax break expired at the end of 2017, but the extension allows eligible homeowners to claim the deduction for their 2018, 2019 and 2020 federal income taxes.

[Joemcgrath]

When will the 2018 software be updated to process an amended 2018 for pmi deduction

[JamesG1]

The deduction for private mortgage insurance was extended by Congress in December 2019.  The tax break will allow eligible homeowners to claim the deduction on their 2018, 2019 and 2020 Federal income tax returns.

TurboTax will update software later in the tax season. Currently the programmers are working on the 2019 updates.

See here.

[Joemcgrath]

When will the 2018 firm be updated to make line 8 d available on schedule a currently it is still grated out and not moving pmi into the schedule for amending.  

[DoninGA]

---

@Joemcgrath wrote:

When will the 2018 firm be updated to make line 8 d available on schedule a currently it is still grated out and not moving pmi into the schedule for amending.  

---

See this TurboTax support FAQ for a 2018 tax return that include the Tax Extenders - https://ttlc.intuit.com/community/tax-topics/help/2018-extenders-passed-under-taxpayer-certainty-and...