I have 2 mortgage 1098 for the same mortgage How to I record it

Forum|Forum|6 years ago
January 25, 2020
1 reply
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TurboTax Deluxe Online

RobertG

Level 12

If they're both from the same lender, and one of them has the “Corrected” checkbox marked at the top, enter the corrected 1098 and discard or shred the other one.

Otherwise, if you have multiple 1098 mortgage forms, you’ll enter them one at a time. After going through the steps with the first one, you can add a lender when you get to the Mortgage deduction summary screen.

(In the case of a refinance, it's best to enter the 1098 from your original loan before the 1098 from your refinance.)

See the TurboTax link: How do I handle multiple 1098 mortgage forms? for further information.

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walabieKid

Level 2

Hi Robert,

I refinanced my mortgage in 2019 and the new mortgage was sold in 2019 to another servicer, so I have 3 1098s.

When I enter all three 1098s into turbo tax some thing it looks like turbo tax thinks I have two mortgages instead of just my one and thus reduces my tax return by almost $5000.

Is there a way to enter my refinance 1098s and specify that they are the same loan and not two separate existing loans in turbo tax?

Thanks!

bwergeles

Level 7

If you received multiple Form 1098s, please review your entries in TurboTax to make sure you have answered all the questions correctly and entered the correct balance of your loan. TurboTax uses this information to calculate your mortgage interest deduction.

To review your Form 1098 entries:

Log into TurboTax and click on any topic to continue
Click on Federal from the menu on the left-hand side
Click on Deductions & Credits at the top and then click Edit/Add next to Mortgage Interest and Refinancing (Form 1098)
Click on Review next to each 1098 entry and verify your entries
Pay close attention to the following:
1. Outstanding mortgage principal as of 1/1/2019 (If you took out the loan after January 1, 2019, then leave this field blank)
2. Mortgage origination date
3. Mortgage acquisition date (if applicable)
4. If your loan was refinanced, mark "Yes" to the question "Is this loan a home equity line of credit or a loan you've ever refinanced?" and answer the questions carefully

Please Note:

If your loan was refinanced, it is best to enter the 1098 from your original loan before the 1098 from your refinance.
If your loan was bought by another company with the same interest rate and principal amount, this doesn't count as refinancing your loan.

For additional information, please see this TurboTax article

@walabieKid