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tbabiasz42
New Member

Where do I enter PMI?

 
7 Replies
rjs
Level 15
Level 15

Where do I enter PMI?

UPDATE AS OF FEB. 24, 2018

The IRS is now accepting tax returns with the itemized deduction for PMI, and TurboTax has been updated to allow the deduction to be entered. After you enter the mortgage interest from box 1 of your Form 1098, the next screen has places to enter additional information from the 1098, including mortgage insurance premiums.

UPDATE AS OF FEB. 11, 2018

The answer below was correct when posted, on Jan. 27, 2018. However, the Budget Act that was passed and signed into law on Feb. 9 reinstates the deduction for mortgage insurance (PMI) for 2017. But it will be at least several weeks before the IRS revises the forms and its computer programs, and the revised forms can be incorporated in TurboTax. If you are itemizing deductions and you are eligible to deduct PMI, your simplest course of action would be to wait to file your tax return until TurboTax has been updated for the changes that were just instituted retroactively.

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Original answer posted January 27:

You don't enter PMI anywhere. The rule allowing PMI to be deducted expired at the end of 2016. The deduction is not available for 2017.

hillardjk
New Member

Where do I enter PMI?

can I just add it to next years taxes?
dmbhdb
New Member

Where do I enter PMI?

I am trying to use the amend feature for 2017 to add back in my PMI now, it's not changing anything, is this feature ready?
rjs
Level 15
Level 15

Where do I enter PMI?

@dmbhdb - Please post a new separate question of your own. In your new question describe the problem you are having amending a 2017 tax return to add a deduction for PMI. Be sure to indicate whether you are using TurboTax Online or the CD/Download TurboTax software, and what edition you are using. Do not continue the discussion of your amended return problem here.
DJ30
New Member

Where do I enter PMI?

Good Evening,

 

The IRS has indicated the mortgage insurance premium amounts from form 1098, box 5 are now tax deductible, particularly in years 2018 and 2019, possibly 2017-have to re-check.

The turbo program (Home & Business) permits the entry of MPI but does not appear to include it on schedule A, itemize deductions.  It only calculates mortgage interest and property tax with a limit for the SALT deduction $10K; $5K for separate-married returns (for all state taxes, i.e. state with holdings from employment).

Where should it be recorded to be included as total itemize deduction?

Will be amending 2018's return and completing 2019's return.

 

 

Thank you, Derrick [PI removed]

Jackothe wisps
New Member

Where do I enter PMI?

Did you get an answer to this?

DeanM15
Expert Alumni

Where do I enter PMI?

When you make entries in TurboTax for the Mortgage Insurance Premium box of Form 1098 for 2018, it does now transfer that amount to Schedule A, Itemized Deductions.

 

If you need to file an amended return for 2018 based on the deductibility of Mortgage Insurance Premiums, you may do so at any time. 

 

 

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