Deductible Home Mortgage Interest Worksheet

Forum|Forum|4 years ago
January 28, 2022
250 replies
1107 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

Gatortax

Level 2

Question- what if I select the option that says “Do my taxes for me”..? How will they handle this situation with the mortgage interest worksheet error?

Has anyone been able to submit taxes with this issue?

rmeigel

Level 2

Anyone have an update on when the window licking morons of Turbo Taxes IT department are going to get the worksheet fixed for the website? How does a multi billion dollar company still have this issue?

Lizzard1

Level 2

I'm livid! I LOATHE having to do taxes anyway, and now we get stuck at the finish line, because Turbotax can't get this issue corrected?

AF80

Level 2

This significant delay has resulted in delays getting my tax refund and caused financial hardship and I am sure there are many others in a similar situation as I am, impacted by this painful issue.

Intuit sells their Turbotax product months before it's actually going to be used, and when the time comes to be responsive, the product doesn't work, and no proper support is available.

I am not a lawyer but I believe Intuit must be kept accountable by some legal means!

Glenn 73

Level 2

Feb 23rd and no fix? Common

Kellew11

Level 2

Feb 23rd and I still have this issue and the error message still says Feb 17 for a fix. I have combined my entries into two 1098s (each for a separate home) but still no luck.

MarilynG

Level 15

Click this link to sign up for notification for the Home Mortgage Interest Worksheet.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

MBSC

Level 3

No thumbs up I’m afraid. This is not a new or particularly complex or technical tax issue. TT is losing business and goodwill over this. People filing now are due refunds and TT is preventing that from happening. Thank you.

BobbyandFriends

Level 2

After following the "requirement" to combine my two 1098s for the year for a mid year refinance the Home Mortgage Interest Worksheet is still not working. When I check the Form it shows Qualified Loans is $0 so none of the interest is deductible. I've filled this under "Outstanding Loan balance" along with the home acquisition date.

Since it's not accepting any of my mortgage interest I'm no longer qualifying for the proper deductions. Can this form get fixed? It was actually working back in January when I entered my numbers by hand.