Where do I enter PMI?

[xmasbaby0 · Accepted solution]

PMI as a deduction expired in 2016.

[bobguerity]

The PMI deduction was reinstituted in the Budget Bill of Dec 2017.

[macuser_22]

The tuition and fees deduction, PMI, energy credits and other deductions expired on Dec 31, 2016 and were not renewed by Congress in the December tax bill, however, in the The Bipartisan Budget Act of 2018 that was signed into law on Feb 9th those deductions and others were made retroactive for 2017.

Before you can add any of those deductions the changed forms must be updated to comply with the new law. That might take a while. The IRS must write the new rules, issue electronic specifications for the new forms and approve them before TurboTax and other e-file providers can add them. If history is any guide, that process can take 1 to 2 months. It usually takes TurboTax 10-14 days after the IRS issues the specifications. (Its taking the IRS three months to issue some the forms that the Dec tax law changed.)

The IRS says:
https://www.irs.gov/newsroom/irs-statement-on-retroactive-extender-provisions

Nothing can be done until the IRS acts and issues the new form specifications.

If the forms are still not available by the end of March, then you can file for an extension to file until October 15, 2018, however any tax owed must be send with the extension.

See this TurboTax FAQ:

https://ttlc.intuit.com/replies/6585982

[fb2112]

Where do I enter PMI for 2017 on my itemized deduction form?

[xmasbaby0]

There is a an excellent answer to that above your own question.

[Opus 17]

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.