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To enter your qualifying mortgage insurance premiums as an Itemized Deduction:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Itemized or Standard Deductions in the Federal Quick Q&A Topics menu to expand, then click Interest expenses.
  3. Click Continue or No until you reach the screen titled Itemized Deductions - Qualified Mortgage Insurance Premiums.
  4. Click Quick Entry to scroll down to answer all applicable questions or click Step-by-Step Guidance to proceed with the program interview questions.
  5. Continue with the interview process to enter all of the appropriate information.

Per IRS Publication 530 Tax Information for Homeowners, on page 2:

Nondeductible payments. You can’t deduct any of the following items.

  • Insurance (other than mortgage insurance premiums), including fire and comprehensive coverage, and title insurance.
  • Wages you pay for domestic help.
  • Depreciation.
  • The cost of utilities, such as gas, electricity, or water.
  • Most settlement costs. See Settlement or closing costs under Cost as Basis, later, for more information.
  • Forfeited deposits, down payments, or earnest money.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


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