I've been using Turbotax for years. I think it's a great program probably 90+% accurate. I realize Turbotax "Employee Tax Experts" must feel the program can't have made a mistake so the client must be inputting the information incorrectly. I'm saying I believe this is the exception. I believe Turbotax is making an incorrect calculation. You gave me the same answer twice now. I did exactly what you suggest and the calculation is wrong. I entered each 1098 as you said. When I go to Forms and open the Tax & Int Wks, under Mortgage Interest Limited Smart Worksheet then hit Quick Zoom it takes me to Schedule A Deductible Home Mortgage Interest Worksheet.. Under Home Debt Originating after December 15 2017 it lists the 3 loans ( 2 of which were paid off to refi) then has an "average balance"for each. Then in Part 1 Qualified Loan Limit line 7 titled Average balance of debt acquired after December 15 2017 the TOTAL OF THE 3 AVERAGES is listed. This Total adds up top $1,911,282 putting me over the $750,000 limit!!! Never during 2020 was the outstanding loan over $640,000. If I'm missing something please tell me what it is.
