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Level 2

Question

TurboTax Won't Accept Form 1098 Box 2 of 0.00

Forum|Forum|4 years ago
February 4, 2022
1 reply
6 views

I have a 1098 from my HELOC which started the year with a balance of $0.00. When I try to enter the information into TurboTax, I get an error that "Outstanding mortgage principal must have a value"

Level 11

That might be because the entry of $0.00 is wrong. Box 2 is supposed to have your outstanding mortgage principle on Jan 1 of the tax year. So if you have an amount greater than zero in box 1, there's no way the amount in box 2 can be zero. You may need to contact the lender/issuer for a correction on that.

Level 2

Well, the account is a HELOC (Home Equity Line of Credit) that has been open for a couple years and had a balance of $0.00 at the start of 2021. I drew on the line during the year so I paid interest on that draw.

Level 15

Enter a value.

Enter the amount of the first withdrawal you took in 2021.

OR

Enter $100. to make TurboTax happy.