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Entering qualified mortgage insurance premiums in ProConnect Tax

SOLVEDby Intuit9Updated 7 days ago

This article will assist you with entering qualified mortgage insurance premiums in tax year 2021 and prior

Starting in tax year 2022 you can no longer deduct Qualified Mortgage Insurance Premiums on the Schedule A. The steps below will apply to tax year 2021 and prior

Qualified mortgage insurance premiums entered on the depreciation screen won’t flow to Schedule A, line 8d. See the steps below if you want the program to calculate and track amortization.

To enter premiums for Schedule A, line 8d:

  1. Go to the Input Return tab.
  2. From the left of the screen, select Deductions and choose Itemized Deductions (Sch A).
  3. From the top of the screen, select Interest.
  4. Enter the Qualified mortgage insurance premiums paid on post 12/31/06 contracts.

To have the program track amortization:

  1. Go to the Input Return tab.
  2. From the left of the screen, select Deductions and choose Depreciation.
  3. Enter the following fields in the Quick Entry grid:
    • Description of Property
    • Date placed in service
    • Cost or Basis
    • Form
      • Select 17=Form 4562 only.
    • Method
      • Select Nonrecovery Methods and choose 91=Straight Line for this field.
  4. Click the blue Details button to expand.
  5. Under Asset Information, locate the Regular Depreciation subsection.
  6. Enter the Life or class life (recovery period automatic) in the Federal column.
  7. Enter a specific Amorization code section (Click on arrow to select from list) in the Federal column.
    • Code 163 isn't in the list, so you'll need to select a similar code. See IRC Section 163 for more information.
  8. Enter any Prior depreciation/amortization in the Federal column, if applicable.

The mortgage insurance premiums will be included on depreciation reports, but won't flow to the Schedule A automatically.

You can use this method to figure the current year amortization amount to enter in Qualified mortgage insurance premiums paid on post 12/31/06 contracts on the Schedule A screen.

 

Refer to the Instructions for Schedule A for more information on qualified mortgage insurance premiums.  

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