How can I avoid TurboTax adding up Principal from two 1098 forms for the same loan but different collectors?

Forum|Forum|6 years ago
April 15, 2020
4 replies
51 views

It shows up as two loans in 540/540NR

Is there a way to edit 540 worksheets directly?

TurboTax Premier Online

Best answer by MarilynG

You can edit the worksheets directly in the TurboTax Desktop product, which can be either a CD or Download.

However, in TurboTax Online, you can Edit your 1098 entries to be sure the first loan has a balance of $0 and the second 1098 shows the beginning loan balance, so that the two loans are not added together.

Type '1098' in the Search area, then click on 'Jump to 1098'. At the Home Loan Deduction Summary page, choose EDIT to check your 1098 entries.

Click this link for more info How to Enter Multiple 1098s.

MarilynGAnswer

Level 15

You can edit the worksheets directly in the TurboTax Desktop product, which can be either a CD or Download.

Type '1098' in the Search area, then click on 'Jump to 1098'. At the Home Loan Deduction Summary page, choose EDIT to check your 1098 entries.

Click this link for more info How to Enter Multiple 1098s.

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akulasAuthor

Level 2

Thank you MarilynG1.

Is there any significant difference in which 1098 gets set to zero for Box2?

By definition, the first loan should have a value as it is the balance as of Jan 1st, right? That tempts me to set zero for the second 1098 which started in April

Looks like either solutions work. Wondering if one way is better than the other.