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brittball
New Member

If my loan was purchased by a different bank in 2020, do I enter "$0" as my loan amount as of January 1 2021 for the bank who previously owned my loan?

 
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LenaH
Employee Tax Expert

If my loan was purchased by a different bank in 2020, do I enter "$0" as my loan amount as of January 1 2021 for the bank who previously owned my loan?

Yes. If the loan was sold to another bank, you would enter $0 as the loan balance as of January 1, 2021. 

 

You should have received two 1098 Forms for 2020 and must enter both for your full deduction. 

 

You can follow these steps in TurboTax to enter your 1098s:

  1. With your return open, search for 1098 with the magnifying glass tool on the top of the page.
  2. Select the Jump to 1098 in the search results to directly go to the 1098 input page.
  3. Once you input your first 1098, you can go back to the summary page and click on Add another 1098
  4. Follow the on-screen instructions. 

 

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1 Reply
LenaH
Employee Tax Expert

If my loan was purchased by a different bank in 2020, do I enter "$0" as my loan amount as of January 1 2021 for the bank who previously owned my loan?

Yes. If the loan was sold to another bank, you would enter $0 as the loan balance as of January 1, 2021. 

 

You should have received two 1098 Forms for 2020 and must enter both for your full deduction. 

 

You can follow these steps in TurboTax to enter your 1098s:

  1. With your return open, search for 1098 with the magnifying glass tool on the top of the page.
  2. Select the Jump to 1098 in the search results to directly go to the 1098 input page.
  3. Once you input your first 1098, you can go back to the summary page and click on Add another 1098
  4. Follow the on-screen instructions. 

 

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