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Deductions & credits
In case of multiple Form 1098, it seems to be ideal to follow 'Interest paid divided by interest rate method' as suggested here
https://www.irs.gov/publications/p936#en_US_2019_publink[phone number removed]
Compared to my earlier approach which I mentioned in earlier post, this seems to be more closer.
Example of my workings, based on same use case as before:
Loan 1 Loan 2 Loan 3 Total
Interest 20,000 3,000 7,000 30,000
Interest rate 3.50% 6% 2.50%
Average Balance 571,429 54,545 280,000 905,974
Turbotax is also suggesting in the above link to do 'average balance override'.
Does it mean that overriding 'Average balance' under each loan in "Deductible Home Mortgage Interest Worksheet" of Schedule A, will NOT create any issue for us to e-file? Has anyone done this way last year without any issues? I don't want to be stuck during e-filing stage and restart the work.