DMarkM1
Expert Alumni

Deductions & credits

Try this solution.

 

1.   Delete all forms 1098 and enter the oldest form 1098 first and work up to the present. 

2.  Enter all data just as listed on the forms 1098 you have.  If box 2 is blank on your form, enter a zero, since you do not know what the number is.  

3.  Once you have entered all form 1098s and select "Done", TurboTax will subsequently ask you if you exceed the mortgage limits or not.

 

"Do any of these situations apply to you?"

  • Mortgages that were taken out on or before December 15, 2017 and they total more than $1 million ($500,000 if Married Filing Separately).
  • Mortgages that were taken out after December 15, 2017 and they total more than $750,000 ($375,000 if Married Filing Separately).

If you do not exceed the limits, inspite of what the worksheet calculations are, then you select "No" for this question and your mortgage interest deduction will not be limited. 

 

If you really do exceed the limits then answer "Yes",  and you will need to manually calculate the mortgage interest deduction using table 1 on page 12 in publication 936 and enter the amount in the box provided.  The worksheets in either case are not filed; they are for calculations and records only.   

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