The PMI Deduction will not been extended to tax year 2022.
Prior tax years
Mortgage Insurance Premiums you paid for a home where the loan was secured by your first or second home may qualify for the PMI deduction. Box 5 of Form 1098 shows the amount of premiums you paid in 2021.
Private Mortgage Insurance is considered an itemized deduction and will not impact your return unless your itemized deductions surpass your standard deduction. With the significant increase in standard deductions beginning in tax year 2018, fewer individuals will be able to itemize on their tax returns.
To view a list of Standard Deduction amounts, please see our KB article.
Where do I enter the deduction?
To claim your deduction for Private Mortgage Insurance, please follow the steps listed below:
- Access the prior year return (not available for 2022)
- Select Federal from the navigation bar on the left
- Select Deductions from the same navigation bar
- Choose to select your forms, then press continue
- Select Itemized Deductions
- Select Mortgage Interest and Expenses
- Select Private Mortgage Insurance (PMI) Deduction