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Level 1

Solved

Deductible Home Mortgage Interest Worksheet

Forum|Forum|4 years ago
January 28, 2022
250 replies
1088 views

During the review process the Deductible Home Mortgage Interest Worksheet (Schedule A) was flagged. It showed the following error: "Deductible Home Mortgage Interest Wks: This form has not been finalized for returns with two or more mortgages and limited mortgage interest. We expect this form to be available after February 17." Does this mean we have to wait until after February 17th to file, or did I make a mistake while entering the 1098 forms?

For background info; I have three 1098 forms that I have entered for the single home that I own. First 1098 is from original lender, they sold the loan so there's a 1098 from the second lender. Then, we also re-financed in 2021 so there is a 1098 from the new lender.

Any help is appreciated!

Best answer by AliciaP1

To avoid waiting to file you should combine the two Form 1098s directly related to the refinance and enter them as one Form 1098 because TurboTax is adding your mortgage balances together and triggering the interest deduction limitation. You can do this when the loan amount has always been less than the threshold.

So, in your situation, you should enter the Form 1098 from the original lender on its own. Then, add the details from the second lender and the new lender together and report the totals as the information for the Form 1098 for the new lender.

For more information, including how to handle points, please take a look at What do I do if I have multiple 1098s from refinancing my home debt?

[Edited 02/19/2022| 12:31 PM PST]

@jmc916

Show previous replies

tracyjensen

Level 2

I'm pitching in to this conversation because I have the same problem with the Deductible Home Mortgage Interest Worksheet with limited interest not being available. I chose to wait it out, and here we are, it's February 18th, and it still says the same thing, that the worksheet will be available by the 17th.

I'm also worried because I have 4 mortgages, 3 for my main home, because I refinanced, and then the refi loan was sold a couple of months later, and then I purchased a vacation home. When I look at the preview of the worksheet, it shows two mortgages, but the number entered on the worksheet for the first mortgage doesn't appear to match the total interest from the three 1098s for my main home. So I'm hoping that whenever the worksheet is release, that will be resolved. I did notice the loan balance listed on my original and refi for Outstanding Balance in box two were different. One was rounded to the nearest dollar, and the other had 9 cents entered. I'm wondering if that could be why not all three show up in the worksheet for that loan. I'd worry if they don't match exactly that it could trigger an audit.

For those saying you are using a different service this year, which are you using? I've been using TurboTax for 10 years. I was considering working with an actual accountant this year, due to the complex situation, but after receiving all my forms, it didn't seem too complex after all.

eshortill

Level 2

Im using taxact right now. Waiting on call to confirm numbers right and a question of grandfather debt with multiple refi, plus second home. Once all clear will submit today finally. Also long time TT, but over this. Same issues last year

new user2

Level 2

It just passed the error and I am able to e-file successfully 2 mins ago.

btrautman81

Level 2

It is still not working for me unfortunately.

washingtonian_1

Level 2

It is now after February 17th, but I'm still getting the "Deductible Home Mortgage Interest Wks: This form has not been finalized" error message. I have two separate mortgages, one with three different lenders (that changed during the year), for a total of four 1098 forms. This is the only remaining task I have to file my taxes. Does anyone have an insights on when this form will be finalized? Thank you!

Andira13

Level 2

Has anyone had luck getting a refund for the online software? Their website initially says that we aren't entitled to their 60 day money back guarantee with the online version, but then allowed me to challenge it and submit a written emial request for refund. Hoping they give me my refund... It's ridiculous that they make you pay before you even submit the application... And this error is the reason I cannot submit. With the lack of communication on this issue and how many people are frustrated over this, I just want to file my taxes elsewhere to get it done with.

CM2208

Level 2

Can we get an update on this? I’m having the same issue. When will the form be ready?

Lizzard1

Level 2

Still having this issue (today is 2/22/2022).

Has anyone found a resolution yet?

This is SO frustrating!

barsad

Level 2

I have the same error as everyone else... and it is February 18, so the message that this will be available after Feb. 17 doesn't seem to be correct. What is the update on when this form will be able to go through?

I combined three different 1098s on a single primary residence loan that was refinanced (don't ask me why three institutions have to be involved in one refinance in one year, it's ridiculous). This thread says that if you report a single combined 1098 for a refinanced primary loan and a HELOC 1098, it should go through even without this unavailable form. But it is still stuck, not able to file. Please help!

jseppa01

Level 2

still waiting on this update. any chance it will get updated soon? "after" 17th Feb is a bull**bleep** timeline if you ask me. give us a date and stick to it. I'm sick of checking every day

rheamonique

Level 2

New voice chiming in with the same issue. I have a small HELOC and a loan, both which are for my primary home and mortgage. It's very disappointing they gave us a date. When I called support, they didn't know of the issue and had zero ETA for me. I wouldn't mind if it was even 1 month from now, as long as I KNEW I had a solution coming.

RQUIAMZON

Level 4

Best solution is getting rid of Turbo tax and start using H&R Block, so far they haven't had as much issues with programing as Turbo Tax. This year is a bad bad bad bad bad year for Turbo tax. A waste of time and money.. Thank you Turbo tax for making my Tax season a wonderful experience.

Anonymous

So we can't file? I Sold one home and purchased another. Does this mean I am at the mercy of the IRS to finalize this form before I can efile my taxes?? Seems odd when I go on the IRS website the form is there and dated 2021.

RQUIAMZON

Level 4

it's not the IRS.. it's Turbo Tax that has issues.. You can try using FreeTaxUSA.. it worked for me.

giforce007

Level 2

I'm having the same issue. I had my taxes done and ready to file almost a month ago, now I'm stuck because of this ridiculous error,, its really frustrating and if not resolved by TT I'm definitely switching over to another platform. TT sucks.

cfelbab

Level 2

I'm actually happy to see that this issue is impacting a lot of us. That increases the odds that they will prioritize fixing it soon. I am sure that they figured that high balance mortgages were not as common so they focused on other issues but given the housing market and inflation and all that - I don't think it is actually that uncommon to be in this situation.

What I did is calculated by hand the correct mortgage interest amount and manually entered onto Schedule A so I could see the correct tax amount I will owe. I have not tried to file yet so I don't know if the software will prevent me from doing so with this approach. Hopefully, they fix it within the next week or so.

SoPas

Level 2

They are not going to fix this. Had the same issue last year and it is still not fixed. Either use the workaround which is of questionable validity/legality or go somewhere else.

whatakamp2

Level 2

Can't wait any longer for TT to get their act together. I need my refund NOW....not days or weeks from now. I'm in the process of selling my house and buying another one. Need that money now. Kicked TT to the curb and filed with HRBlock. So done with TT.

sirdsc

Level 2

I have the same issue for almost 3 weeks straight now. This is a blocking error preventing my refund. The longer this error is allowed to persist, the more delay we will all see since the IRS is so backlogged.

Anonymous

I transferred all my data to HR Block and filed tonight. I’ll be requesting a refund from TurboTax and moving my future filings to HR Block. It was a pain but their application is as easy to use. I would just move to another platform and forget about these guys.