Solved

Congress just passed mortgage insurance premium deductions for 2017 and President Trump just signed it into law. I already filed, how do I take advantage of this?

Forum|Forum|7 years ago
June 5, 2019
2 replies
0 views

No text available

TurboTax Deluxe Online

Best answer by ToddL

You will have to file an amended return to take advantage of the mortgage insurance premium deduction for 2017.

For instructions, see the TurboTax FAQ - How to Amend (Change or Correct) a Return You Already Filed

T

ToddLAnswer

Employee

You will have to file an amended return to take advantage of the mortgage insurance premium deduction for 2017.

For instructions, see the TurboTax FAQ - How to Amend (Change or Correct) a Return You Already Filed

L

lincolncoeAuthor

When will TurboTax be updated to allow Mortgage Insurance Premiums to be deducted?

O

Opus 17

Employee

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.)

Other provisions of the budget act have not yet been approved by the IRS.