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PMI Premium Deduction in Aurora, CO 2026

Calculate your pmi premium deduction tax savings in Aurora, Colorado. With Colorado's 4.4% state tax rate, your combined savings are higher.

Colorado Tax Context

State Income Tax
4.4%
Local Income Tax
None
Property Tax Rate
0.49%
Tax Burden
Moderate
$1,320
Est. Total Savings
No Limit
Max Deduction
Itemized
Deduction Type
26.4%
Combined Tax Rate

PMI Premium Deduction Savings Calculator for Aurora

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Federal Savings

$1,100

22% bracket

Colorado State

$220

4.4% rate

Local Tax

$0

0% rate

Total Savings

$1,320

26.4% combined

At a 26.4% combined tax rate in Aurora, every $1,000 in deductions saves you $264 in taxes.

Savings by Tax Bracket in Aurora

10%
$720
12%
$820
22%
$1,320
24%
$1,420
32%
$1,820
35%
$1,970
37%
$2,070

Includes 4.4% Colorado state tax on top of federal savings.

Eligibility Requirements

Homeowners paying private mortgage insurance

  • 1AGI under $109,000
  • 2Must itemize
  • 3Mortgage after 2006

Colorado residents should verify that this deduction is also recognized on their state tax return for additional savings of up to 4.4%.

Common Mistakes to Avoid

  • !Not checking AGI phase-out
  • !Forgetting lender-paid PMI
  • !Forgetting to claim the deduction on your Colorado state return (missing 4.4% additional savings)

Required Tax Forms

Schedule AForm 1098

File these forms with your federal tax return to claim the pmi premium deduction. Colorado may require additional state-specific forms.

Other Tax Deductions in Aurora, CO

Mortgage Interest Deduction

Housing

~$4,200
est. savings

Property Tax Deduction

Housing

~$2,640
est. savings

Home Office Deduction

Housing

~$1,440
est. savings

Home Energy Tax Credit

Housing

~$1,800
est. savings

Residential Solar Tax Credit

Housing

~$7,500
est. savings

Military Moving Expenses

Housing

~$4,800
est. savings

Mortgage Points Deduction

Housing

~$2,400
est. savings

Casualty & Theft Loss Deduction

Housing

~$6,000
est. savings

PMI Premium Deduction in Other Colorado Cities

Denver, CO

4.4% state tax

~$1,320

Colorado Springs, CO

4.4% state tax

~$1,320

Fort Collins, CO

4.4% state tax

~$1,320

Lakewood, CO

4.4% state tax

~$1,320

Thornton, CO

4.4% state tax

~$1,320

Arvada, CO

4.4% state tax

~$1,320

Westminster, CO

4.4% state tax

~$1,320

Pueblo, CO

4.4% state tax

~$1,320

Calculate Your Full Tax Savings in Aurora

Use our free tax calculators to optimize your entire tax return for Colorado.

Income Tax CalculatorTaxes in AuroraFull PMI Premium Deduction Guide

Frequently Asked Questions

How much can I save with the PMI Premium Deduction in Aurora, CO?

In Aurora, Colorado, the pmi premium deduction can save you an estimated $1,320 per year. This includes $1,100 in federal tax savings and $220 in Colorado state tax savings. The national average savings is $1,100/year.

What is the Colorado state income tax rate for Aurora residents?

Colorado has a 4.4% state income tax rate. Aurora residents have no additional local income tax.

Who qualifies for the PMI Premium Deduction in Aurora?

Homeowners paying private mortgage insurance. The eligibility requirements are the same whether you live in Aurora or elsewhere in the U.S., as this is a federal tax deduction. However, your savings amount will vary based on Colorado's 4.4% state tax rate.

What tax forms do I need to claim the PMI Premium Deduction in Colorado?

To claim the pmi premium deduction, you need to file Schedule A and Form 1098 with your federal return. Colorado residents should also check if the state allows this deduction on their state return, which could provide an additional 4.4% savings. Filing status affects your deduction limits and tax bracket.

Is the PMI Premium Deduction better in Aurora than in states without income tax?

Yes, Aurora residents benefit more because Colorado's 4.4% state income tax means the deduction reduces both your federal AND state tax liability. In states with no income tax (like Texas, Florida, or Nevada), this deduction only reduces federal taxes. Your combined rate of 26.4% means more savings per dollar deducted.

Related Calculators

Mortgage Interest Deduction in Aurora

Avg savings: $3,500/year

Property Tax Deduction in Aurora

Avg savings: $2,200/year

Home Office Deduction in Aurora

Avg savings: $1,200/year

Home Energy Tax Credit in Aurora

Avg savings: $1,800/year

Residential Solar Tax Credit in Aurora

Avg savings: $7,500/year

Military Moving Expenses in Aurora

Avg savings: $4,000/year