Solved

I amended my 2017 return's 1098 with my PMI ($1,324.32) and Turbotax is not showing an increased refund, why not?

Forum|Forum|7 years ago
June 3, 2019
1 reply
0 views

No text available

TurboTax Deluxe Online

Best answer by AnthonyC

You may be subject to the AGI limits - see article below - which would mean you would not be able to deduct any PMI.

Also, itemized deductions, such as mortgage insurance premiums, can only reduce your taxable income. They won't provide you with a direct refund. So, you can reach a point where between all your other deductions, exemptions, and credits, you simply may not have any further tax liability to reduce. Thus, you won't see any further tax benefit from adding more itemized deductions in these situations. This can often be the case when you have tax credits, such as the Child Tax Credit or Education credits, that eat up a lot of your tax liability.

https://ttlc.intuit.com/replies/3301952

A

AnthonyCAnswer

Employee

You may be subject to the AGI limits - see article below - which would mean you would not be able to deduct any PMI.

Also, itemized deductions, such as mortgage insurance premiums, can only reduce your taxable income. They won't provide you with a direct refund. So, you can reach a point where between all your other deductions, exemptions, and credits, you simply may not have any further tax liability to reduce. Thus, you won't see any further tax benefit from adding more itemized deductions in these situations. This can often be the case when you have tax credits, such as the Child Tax Credit or Education credits, that eat up a lot of your tax liability.

https://ttlc.intuit.com/replies/3301952