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Elfor
Returning Member

Multiple 1098s from changes to loan servicing

I have three 1098s. Two are for a mortgage because my lender sold my loan. The third is a HELOC.

How I entered them:

1. First 1098 (loan with servicing change): I indicate that it's not the most recent 1098, and the loan is not a HELOC or refinance.

2. Second (current) 1098: I indicate it's the most recent, and that the loan is not a HELOC or a refinance.

3. Third (HELOC) 1098: I indicate it's the most recent and that it's a HELOC.

 

When I view the Home Mortgage Interest Limitation Smart Worksheet, Box A is checked Yes, indicating a loan refinance, which is not correct.

 

It seems the software is unable to handle this situation. Any advice on how to modify these entries so the tax is calculated correctly? I am seeing community posts from previous tax years about this issue, but no definitive answer on a workaround.

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1 Reply
PatriciaV
Employee Tax Expert

Multiple 1098s from changes to loan servicing

Please clarify which Form 1098 is marked as a refinance with a new 1098. 

Sometimes this box is checked when you say this is not the most recent 1098, even though it's not a refinance.

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