Question

I refinanced my primary home in 2019, I paid Mortgage Insurance Premiums, but when entered from my 1098 it is not showing them deductible. How can I deduct these?

Forum|Forum|6 years ago
February 26, 2020
1 reply
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Other Q&A I see based on the qualifications, they should deduct but I can't find where this would be entered/edited.

TurboTax Deluxe Online

Employee

You can deduct your mortgage insurance premiums provided you itemize and the insurance contract was issued after 2006. Once your adjusted gross income (AGI) exceeds $100,000 ($50,000 for married filing separately) the deduction is reduced. If your AGI surpasses $109,000 ($54,500 if married filing separately) the PMI/MIP deduction is eliminated altogether.

Enter your private mortgage insurance premiums in box 5 of your 1098 entry screen:

With your return open, search for 1098 and select the Jump to link at the top of your search results.
Follow the instructions and questions.
Soon, you'll come to the 1098 entry screen. Your PMI/MIP is entered in Box 5 – Mortgage insurance premiums.

Related Information:

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E

ellanieAuthor

@DawnC I know I qualify to deduct them as I am itemizing my deductions and my AGI is under the threshold. I entered in my 1098, including the amount in box #5, but when I look at the summary page after, it doesn't show anything being deducted for it.

Another tax software service I looked at had a checkbox next to box 5 that said "these amounts are deductible", and it then showed the deduction. But I see no such thing on TurboTax, and it is not deducting anything for it. Is there something I am missing?

DawnC

Employee

What summary page are you referring to? The amount won't show on the Deductions & Credits page in TurboTax as there is no line item for mortgage insurance premiums - you will only see the mortgage interest there. Look at your schedule A in your tax return to verify the deduction; it is on line# 8d. If you don't see it on Schedule A (unlikely), your interest deduction is limited or you did not indicate that your loan is secured by your home.

Schedule A instructions

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