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TurboTax error Step-by-Step for Mortgage Interest
Using the Step-by-Step method, on the Your 2022 Deductions and Credits summary screen, Turbo Tax Premium 2022 incorrectly shows mortgage interest when origination points are added. Turbo Tax adds all origination points to the interest, not the amortized points over the 30 year length of the mortgage. For example: The mortgage interest is $5813.60. The Origination Points is $721.77 paid in 2019 for the 30 year loan, so each year, the amortized amount should be $721.77/30 = $24. So, total interest should be $5314 + $24 = $5838 (rounded). This amount shows correctly on the Schedule A Form and the Home Mortgage Interest Worksheet. But, shows to be $6535 on the “Your 2022 Deductions and Credits” summary screen ($6535 = $5314 + $721.77). Turbo Tax needs to correct this.