Qualified Mortgage Insurance Premiums

[maryinmd]

So many problems this year. Qualified Mortgage Insurance Premiums are not populating and there are incorrect instructions and line #'s in the smart worksheet. Schedule A was suppose to be final. This section was not even updated from last year it looks like. Please check any client you may have already e-filed. The community says it can be overridden with the online software. Is there any workaround for regular Intuit Professional version? I tried overriding, but doesn't populate. When I called last night, after about 2 hours and sending a sanitized file, I was told that it was a problem that needed to be corrected. Sounded like they were unaware. The Schedule A that was said to be final, actually has problems.

[Just-Lisa-Now- · Accepted solution]

Publication 936 updated Jan 24th , 2019 says that PMI is not deductible....tons of outdated internet articles that show it was extended, they have bad information.

[rbynaker]

It's pretty shocking the amount of misinformation that is out there.  I've heard the DIY folks are just adding MIP to their mortgage interest and deducting it that way.  Why let silly things like tax laws get in the way of a good deduction!

[maryinmd]

My error! I apologize. I thought it was extended!

[rbynaker]

@maryinmd  just doing a google search there are tons of hits at the top of the list that clearly (and incorrectly) say this was extended for 2018.  And it's pretty easy this year to lose confidence in the software doing the right thing.  So not entirely your fault.  I think it was the second week of February last year that extenders were done retroactively so we could see it coming any minute now...or never.

Are we having fun yet?  I know I am, here in VA.  Not only do we not know what the tax laws are going to be for 2018, we might not have an executive branch of government.

Rick

[maryinmd]

Rick, thank you for your follow-up comment. In my 24 years of business, this will clearly be the most trying. I have attended at least 4 additional seminars this year, in addition to my normal 40 or so hours, just to get a better grasp on the QBI and affect on the state returns of the TCJA. This one fell through the cracks, thinking it was extended. Have a good day!

[rbynaker]

Stick around.  There's a lot of great info here (much of it at the moment about just how broken the software is).

Maybe we could come up with a system like the air quality people.  Today is a Code Orange day.  Don't update your software today unless you're in Alabama or working exclusively on partnership returns.

[Just-Lisa-Now-]

I need to update today in order to file, even though I just updated yesterday...I'm kinda scared to hit the update button.

[IRonMaN]

Update?  I click update, close my eyes, hold my breath, cross my fingers and try to keep the tears from dripping down my cheek.  But otherwise, not a big deal.

[rbynaker]

I'm beginning to think efiling is overrated.  I'm thinking of switching to just mailing in the postcards instead.  Now that they're printed top & bottom instead of front & back it's easy to just fold it over, put a piece of tape on the bottom an address label in the middle and a stamp in the corner.  Job done, right?

[maryinmd]

Thx for the comic relief guys! Helps during this tax season.

[Just-Lisa-Now-]

:joy:

[rbynaker]

Laughing is way better than crying.  There's nothing I can do about the situation, short of early retirement anyway.

[TaxGuyBill]

Mortgage Insurance Premiums are no longer deductible on the Federal tax return (it expired), so that is why it is not populating.  ProSeries just left it on on Schedule A in case Congress did any last minute renewals.

[Just-Lisa-Now-]

"When I called last night, after about 2 hours and sending a sanitized file, I was told that it was a problem that needed to be corrected. "

@Intuit ANYBODY!  see this is the kind of support people get on the phone!   Educate your phone reps!

[maryinmd]

This is incorrect information. The deduction for mortgage insurance premiums was part of the late extender bill.  Depending on your income, it is deductible.

[Just-Lisa-Now-]

see below