Try this solution. 1. Delete all forms 1098 and enter the oldest form 1098 first and work up to the present. 2. Enter all data just as listed on the forms 1098 you have. If box 2 is blank on your form, enter a zero, since you do not know what the number is. 3. Once you have entered all form 1098s and select "Done", TurboTax will subsequently ask you if you exceed the mortgage limits or not. "Do any of these situations apply to you?" Mortgages that were taken out on or before December 15, 2017 and they total more than $1 million ($500,000 if Married Filing Separately). Mortgages that were taken out after December 15, 2017 and they total more than $750,000 ($375,000 if Married Filing Separately).If you do not exceed the limits, inspite of what the worksheet calculations are, then you select "No" for this question and your mortgage interest deduction will not be limited. If you really do exceed the limits then answer "Yes", and you will need to manually calculate the mortgage interest deduction using table 1 on page 12 in publication 936 and enter the amount in the box provided. The worksheets in either case are not filed; they are for calculations and records only.

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sjmtax0113

Level 1

Question

Received two 1098's. Loan servicer changed. Entered beginning mortgage amounts. TT adding the mortgage amounts instead of viewing as same loan. How do you enter?

Forum|Forum|6 years ago
February 9, 2020
13 replies
113 views

No text available

TurboTax Online

DMarkM1

Alumni - Intuit

Try this solution.

1. Delete all forms 1098 and enter the oldest form 1098 first and work up to the present.

2. Enter all data just as listed on the forms 1098 you have. If box 2 is blank on your form, enter a zero, since you do not know what the number is.

3. Once you have entered all form 1098s and select "Done", TurboTax will subsequently ask you if you exceed the mortgage limits or not.

"Do any of these situations apply to you?"

Mortgages that were taken out on or before December 15, 2017 and they total more than $1 million ($500,000 if Married Filing Separately).
Mortgages that were taken out after December 15, 2017 and they total more than $750,000 ($375,000 if Married Filing Separately).

If you do not exceed the limits, inspite of what the worksheet calculations are, then you select "No" for this question and your mortgage interest deduction will not be limited.

If you really do exceed the limits then answer "Yes", and you will need to manually calculate the mortgage interest deduction using table 1 on page 12 in publication 936 and enter the amount in the box provided. The worksheets in either case are not filed; they are for calculations and records only.

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smkitts

Level 2

Turbo Tax is overriding when I select no to exceeding the limits. I have two 1098 and TT is viewing it as I have exceeded the limit.

StratigosA08

Level 8

Did you try following the solution above? As advised, you need to delete both 1098's and then enter the oldest first.

Pyrarraz

Level 2

NOTHING I have tried works here. No matter how I enter the info, either on FORMS or in Step by Step, it defaults to the YES answer on the total mortgage, and therefore does not allow me to deduct mortgage interest. This is a $5000 hit. TURBO TAX, please step in and fix this bug!!!