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Deductions & credits
These steps do not work because the TurboTax form "Ded Home Mort" always double counts the outstanding mortgage principal line. For example, if you refinanced a $600K mortgage there should be no limit to deductible interest, but if you enter two 1098s for the same property it will think there is a $1.2M average balance and limit the interest.
You can fix it manually, but I am quite surprised that Intuit/TurboTax did not program an effective way to enter refinances into the software. I imagine that refis are quite common.
I challenge anyone to provide a step-by-step process to enter information from 2 1098s as received from the lender and not have it double count the principal for average balance purposes.
‎January 31, 2021
3:41 PM