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posted Jun 12, 2020 11:19:38 AM

How do I enter my loan interest if it is under $600 and I do not have a 1098?

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2 Replies
Expert Alumni
Jun 12, 2020 11:46:47 AM

Follow these steps to enter your interest:

  1. Click on Deductions & Credits.
  2. Click on Show more beside Your home.
  3. Click on Start (or Revisit) beside Mortgage Interest and Refinancing (Form 1098) even though you do not have a Form 1098
  4. Answer Yes to the question Did you pay any home loans in 2019?
  5. Enter the name of your Lender on the next screen and click Continue.
  6. Select the radio button beside The seller is financing this loan and I didn't receive a 1098.
  7. Provide as much information as possible about your lender on the next page and click Continue.
  8. Provide interest and other loan information on the next page and click Continue again.
  9. Continue through the rest of the section making the appropriate selections as they apply to your loan. 

Level 15
Jun 12, 2020 12:38:11 PM

Are you asking about a mortgage loan or a student loan?


Student loan interest is reported on Form 1098-E. The lender is not required to send you Form 1098-E if the interest was less than $600. But you do not need the form in order to enter the interest in TurboTax, as long as you know the amount. You only have to enter the name of the lender and the amount of interest.


Mortgage interest is reported on Form 1098. A mortgage lender is not required to issue Form 1098 if the interest was less than $600. Form 1098 is never required for a seller-financed mortgage, regardless of the amount of interest. Mortgage interest that was not reported on Form 1098 has to be entered on Schedule A line 8b. If it is a seller-financed mortgage follow the instructions that SusanY1 provided above. However, if it is not a seller-financed mortgage there is no way to make the entry in TurboTax Online. The entry can only be made in forms mode. Forms mode is only available in the CD/Download TurboTax software, not in TurboTax Online.


Also note that mortgage interest is an itemized deduction. It will not make any difference in your tax or your refund unless your total itemized deductions are more than your standard deduction.