On the online version, which I do not use, can you go to "View Tab" and instead of selecting "Step by Step" open Forms. You can then go to Forms and then go to TAX & INT WRKST and override (see below)
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I downloaded 2020 TT software and tried to override on Schedule A , which created an error that wouldn’t allow e-filing, and also no place to override on Home Int Wkst either in View - Forms.
Did find a fix:
1. Prepare Excel type worksheet to calculate deductible mortgage interest consisting of Average Principal Outstanding and then calculate the correct interest deduction (i.e. Average Principal Outstanding divided by $750,000 and the multiple that percentage by total interest paid.
Then proceed with Override on Forms, if available:
Take the calculated total per above and go to Tax & Int Wks in View Tab - Forms and Right Click on Line A2 in Mortgage Interest Limited Smart Worksheet on said form and click on Add Supporting Details. In DESCRIPTION COLUMN type in “calculated amount” or similar descriptor and go to AMOUNT COLUMN and enter the above calculated allowable deductible mortgage interest amount. Hit Enter and the correct interest deduction will automatically transfer to Schedule A without creating an error that prohibits you from filing electronically.
HOWEVER YOU SAY ONLINE DOESN"T LET YOU DO IT SO, I would follow your suggestion and just enter Average Principal Outstanding and TOTAL INTEREST. I believe TT will calculate correct deductible amount by taking Average Outstanding / $750,000 times interest paid.
Check amount on Schedule A and see it is equal to your calculation.
Hopefully one method will work. Save your Excel worksheet /. Calculation just in case IRS questions. That said Worksheets are not filed with IRS just back-up / calculation tool.
Post if you have any issue.
