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slikkster333
New Member

Hi, I just read about Further Consolidated Appropriations Act, 2020. However, I don’t see where TurboTax has taken this into account. How can I make sure I’m getting the deduction for PMI?

 
7 Replies
SusanY1
Expert Alumni

Hi, I just read about Further Consolidated Appropriations Act, 2020. However, I don’t see where TurboTax has taken this into account. How can I make sure I’m getting the deduction for PMI?

TurboTax has been updated to include the information to deduct your PMI, if qualified.  You will enter the amount of your PMI in the entry area for your Mortgage Interest, Form 1098 (even if the amount was not listed on your Form 1098).

 

Follow these steps to enter your 2019 PMI:

 

  • Login toTurboTax.com.
  • Click on Tax Home on the left side of the screen.
  • If prompted, click on Continue where I left off or Take me to my return.
  • Choose Deductions and Credits from the top of the screen (for some users, this may appear in the center of the screen).
  • Scroll to the section Your Home and click Show More.
  • Click Start (or Revisit) beside Mortgage Interest and Refinancing.
  • Enter your premiums paid in Box 5- Mortgage insurance premiums for Form 1098.
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howard-annie
Returning Member

Hi, I just read about Further Consolidated Appropriations Act, 2020. However, I don’t see where TurboTax has taken this into account. How can I make sure I’m getting the deduction for PMI?

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. 

JohnB5677
Expert Alumni

Hi, I just read about Further Consolidated Appropriations Act, 2020. However, I don’t see where TurboTax has taken this into account. How can I make sure I’m getting the deduction for PMI?

When you enter your Mortgage information from your 1098.  BOX 5 is Mortgage Insurance Premiums.  This is PMI.  TurboTax has been updated to properly account for this.

 

  • Choose Deductions and Credits 
  • Scroll to the section Your Home and click Show More.
  • Click Start (or Revisit) beside Mortgage Interest and Refinancing.
  • Enter your premiums paid in Box 5- Mortgage insurance premiums for Form 1098.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
howard-annie
Returning Member

Hi, I just read about Further Consolidated Appropriations Act, 2020. However, I don’t see where TurboTax has taken this into account. How can I make sure I’m getting the deduction for PMI?

I've never seen such worthless help.  I have entered the PMI.  The problem is that the PMI is not included on the deductions page.  Only the interest + property taxes are included NOT the PMI.  So, the calculation on the deductions page is wrong.

Tina322221884664
New Member

Hi, I just read about Further Consolidated Appropriations Act, 2020. However, I don’t see where TurboTax has taken this into account. How can I make sure I’m getting the deduction for PMI?

Form not released until February 7th 

abhishekjayswal
New Member

Hi, I just read about Further Consolidated Appropriations Act, 2020. However, I don’t see where TurboTax has taken this into account. How can I make sure I’m getting the deduction for PMI?

This is still not working. I have downloaded latest version of Turbotax Premium and the mortgage insurance premium is still not getting deducted.

DoninGA
Level 15

Hi, I just read about Further Consolidated Appropriations Act, 2020. However, I don’t see where TurboTax has taken this into account. How can I make sure I’m getting the deduction for PMI?


@abhishekjayswal wrote:

This is still not working. I have downloaded latest version of Turbotax Premium and the mortgage insurance premium is still not getting deducted.


Did you look at the Schedule A in Forms mode?

Is your software at the latest release?  See this TurboTax support FAQ - https://ttlc.intuit.com/community/updating/help/verify-turbotax-for-windows-basic-deluxe-premier-or-...

 

Schedule A - Mortgage Insurance.JPG

 

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