Mortgage interest doubled
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New Member

Mortgage interest doubled

After double checking my return after I already filed and accepted by the IRS, I noticed that my mortgage interest deduction was incorrect and was exactly doubled through no fault of my own. How can this error be amended by Intuit as to not incur any fines or penalties? 

4 Replies
Employee Tax Expert

Mortgage interest doubled

You will have to prepare an amended return. You will see an option for this on your home page when you log in to TurboTax. There is no charge for the service.

 

You should wait until you receive your refund to make sure your return is not changed which could create problems.

 

Also, you should look on line 9 of your form 1040 to make sure you didn't use the standard deduction in place of the itemized deduction. If you used the standard deduction, then you won't need to amend your return.

 

The standard deduction amounts are $12,200 for single filer, $24,400 for married-joint, and $18,350 for head of household filers.

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Level 1

Mortgage interest doubled

I am using desktop software, not online. I refinanced twice in 2020. On each form provided by the lender there is an entry to list the amount financed. Your software TurboTax is reading this entry as separate properties, and not reading it as the same property listed by each lender. In my case the loan amount was and has been the same but TuboTax adds these entries. So when you reach $1M ( should not be added)of loans my deduction stops. It shouldn't, as you are refinancing the same property. Need to fix this! Your assistant said she has heard this issue from other people.

Employee TurboTax Specialist

Mortgage interest doubled

Please reach out to us directly at the link here.  This will direct your inquiry to the correct department.  

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Level 1

Mortgage interest doubled

Thanks for the explanation, but no person using TT would know this solution to the problem following the software guidance process. Many people refinance in 2020 and multiple times, so this should be written into the 2020 software as my situation is quite prevalent as your support person related to me. 

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