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How to populate qualified mortgage insurance premiums on Schedule A, Line 13 in Lacerte

by Intuit Updated 3 months ago

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

This article will help to understand why qualified mortgage insurance premiums are not being populated on Schedule A, Line 13.  For example, when you look at the federal worksheet, Line 5, it's 1.0 instead of the calculated amount.

The reason the Qualified Mortgage Insurance Premium isn't being allowed is because of the limit on the amount you can deduct:

  • The limit is $109,000 ($54,500 if Married Filing Separately). 
  • If the amount is more than $100,000 ($50,000 if Married Filing Separately), your deduction is limited, and you must use the worksheet to figure your deduction. 
  • This information can be found in Form 1040, Schedule A instructions.

Line 5 of the Qualified Mortgage Insurance Premiums Deduction worksheet, found on page A-8 of Schedule A, says, "If the result is 1.0 or more, enter 1.0."

Lacerte Tax

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