I have been struggling for two days with a TurboTax enrolled agent about this same problem.
In my case, the problem is in the behind-the-scenes interactions between these three worksheets (found under Forms within TT):
- Home Int Wkst (Central Loan... ) - my original 2016 mortgage, less than $1,000,000 (the cap until 2017).
- Home Int Wkst (LoanCare...) - my refinance loan of Nov 2020.
- Del Home Mort - This worksheet takes data from the above two worksheets.
The Del Home Mort worksheet ADDS the average balances of the two loans together, even though they were not concurrent. In my case, the sum of the two averages is over $1 million, so the program incorrectly reduces the total mortgage interest deduction that I am allowed.
The TT rep and I have tried numerous workarounds that have all failed. This is an absolute mess. I could have done my taxes faster by hand.
