2014 Arkansas: Private Mortgage Insurance
In prior years, the IRS allowed a deduction for private mortgage insurance premiums on the federal Schedule A and it was extended for 2014. On March 27, 2015, Arkansas announced that the state was conforming (allowing this deduction) for 2014 Arkansas tax returns.
Certain Arkansas taxpayers, who paid private mortgage insurance premiums in 2014, may have filed an incorrect state tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following apply to you:
- You filed your Arkansas state tax return prior May 1, 2015 AND
- You paid private Mortgage Insurance Premiums in 2014 AND
- Your Arkansas Form AR1000F, line 24 (adjusted gross income) – columns A and B total to less than $109,000.
If you are affected, you may have overpaid your state tax. You may need to amend your Arkansas return.
To amend your return:
- Follow these amend instructions for the TurboTax Online product.
- Follow these amend instructions for the TurboTax CD Download product.
- After you make the changes to your tax return, you will need to mail a copy of your amended state return.
- Your printed return will include instructions on how and where to mail it.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the 2014 Arkansas: Private Mortgage Insurance.