I refinanced my mortgage twice in 2020, so I have three 1098's for that year. I entered all three of them. When I click 'Done' the program asks for the additional information:
1. Outstanding loan balance on 1/1/21? If you paid this off in 2020 enter the balance on the day you paid off
2. When did you make your final payment?
I entered outstanding loan balance $0 for the first two lenders (since these loans were paid off) and my loan balance as of 1/1/21 for the third lender (current loan, which is approx. $450K). Is this this correct? I got the warning 'Outstanding loan balance is missing a value' and the program did not deduct all the interest from three landers (it came up with some strange smaller number instead).
If I enter the loan balance value other than zero for the first two lenders, the deduction amount is reduced further, which tells me the system may be adding these loans up instead of treating it as a refinance. What should I do to have all the interest deducted correctly? What should be the loan balance for each lender on the follow up screen (question #1 above)?
