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Level 2

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Why is turbotax not making the appropriate adjustments to mortgage interests exceeding 750K. It is wrongly calculating all mortgage interest as deductible and shouldn't

Forum|Forum|4 years ago
December 4, 2021
1 reply
31 views

I have two loans, not complicated, one before 2017 with mortgage interest of 5400 and owe 52K and my primary home bought in 2020 with mortgage interest of 20K and owe 935K. For some reason turbotax is allowing ALL of the interest to be deductible and should be prorated. I had to abandon turbo last year for a similar home mortgage issue they could not address. this one is straight forward

TurboTax Self Employed Online

Best answer by fanfare

I would use such a workaround, rather than abandon my tax software program.

Note that you will be deducting less interest than shown, not more.

Since the rule is non-trivial, Turbotax should be able to do this for you.

No idea why there are so many on the forum with the same complaint. It's not rocket science.

Level 15

Prorated? or limited (capped)?

If you know the correct calculation, enter the deductible amount of interest as your interest paid.

panchoydalilaAuthor

Level 2

understood ' however then it does not match the 1098.

thanks

Level 15

I would use such a workaround, rather than abandon my tax software program.

Note that you will be deducting less interest than shown, not more.

Since the rule is non-trivial, Turbotax should be able to do this for you.

No idea why there are so many on the forum with the same complaint. It's not rocket science.