Knowledge Base

11513: 1098 - Mortgage Insurance Premiums Not Flowing

1040 Individual Data Entry

Why do the mortgage insurance premiums entered on screen 1098 not flow to the Schedule A?

The deduction for mortgage insurance premiums had expired for TY 2017 and was not extended by Congress until February 9, 2018 (retroactively). Drake17 has been updated as of 02/20/2018 to allow entries directly on line 13 of the schedule A screen and entries from the 1098 screen that are properly coded will also carry.

Important: The mortgage insurance premium deduction expired at the end of the 2017 tax year and has not been extended to the 2018 tax year. An entry will not flow in Drake18 since it has not been extended for tax year 2018. 

In Drake17 and prior, to get amounts from screen 1098 to flow to the Schedule A: 

  • Screen 1098 must point to Schedule A. Select A Schedule A in the For drop list.
  • The option Qualified premiums to flow to Schedule A must be selected for the amount entered in 4 Mortgage insurance premiums.
  • The limit on the mortgage insurance premium deduction cannot be exceeded.

You cannot deduct your mortgage insurance premiums if the amount on Form 1040, line 38, is more than $109,000 ($54,500 if married filing separately). If the amount on Form 1040, line 38, is more than $100,000 ($50,000 if married filing separately), your deduction is limited and you must use the Mortgage Insurance Premiums Deduction Worksheet to figure your deduction.

Schedule A instructions

Look for WK_PMI in view mode, the Mortgage Insurance Premiums Deduction Worksheet, for the calculation of any limitation.

Note: Schedule A is not produced unless itemized deductions exceed the standard deduction or the schedule is forced. You can force Schedule A in an individual return by selecting Print Schedule A on the PRNT screen or globally by clearing the option at Setup > Options > Forms & Schedule Options > Print Schedule A only when required.

For 1098 forms pointed to another location, an amount entered in the Mortgage insurance premiums field on screen 1098 does not flow and must be separately entered there.

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