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Bug with refinance on a large mortgage
There is a bug in how Turbotax calculates mortgage interest deduction if you refinanced. In 2020, I refinanced a ~$970k loan into another ~$970k loan. When I enter both 1098 forms, TurboTax acts as though I paid interest on $1.94M of principal, and prorates the deduction as $750k/$1.94M. Even though in fact it should prorate as $750k/$970k. Are there any workarounds?
‎January 23, 2021
10:54 AM