TurboTax asks you to enter each IRS Form 1098 separately.
In TurboTax Online Deluxe, I was able to enter a home loan on an IRS form 1098 and the second IRS form 1098 for the refinanced loan. For the refinanced loan, I used the balance of the loan at the time of loan pay-off.
I was given the full mortgage interest deduction and the Home Mortgage Interest Limitation Worksheet did not add the two mortgage balances together.
The entries were made at Federal / Deductions & Credits / Mortgage Interest (Form 1098).
Entries for the original loan
- Do any of these uncommon situations, I entered None of these apply.
- Did you pay points, I entered I’ve already deducted.
- Was this loan paid off or refinanced, I entered Yes.
- Is this loan a home equity, I entered No, this is the original loan.
Entries for the second loan
- Do any of these uncommon situations, I entered None of these apply.
- Did you pay points, I entered I didn’t pay points.
- Was this loan paid off or refinanced, I entered No.
- Is this loan a home equity, I entered Yes, this is a loan I’ve refinanced.
- So what type of loan is it? I entered A mortgage loan that I’ve refinanced.
- Have you ever pulled cash? I entered No.
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