Deductions & credits
Here are the steps in TurboTax online:
- Sign in to your account, select Pick up where you left off
- At the right upper corner, in the search box, type in "1098t" and Enter
- Select Jump to 1098t
- Follow prompts
- On screen, " Do any of these uncommon situations apply to your loan", select "The seller is financing this loan and we didn't receive a 1098", then Continue
- Follow prompts to enter your mortgage info
- See image
- This should place the amount on Schedule A line 8b. See IRS link here: Schedule A line 8b ( read under line 8b)
Note that your mortgage interest might not change your total tax refund. It will only change if your total itemized deductions on Schedule A including the mortgage interest exceeds your standard deduction. In the TurboTax program, when you enter itemized deductions such as mortgage interest, property taxes, medical expenses, charitable contributions, all of these items are added together. Unless the total of itemized deductions exceeds the standard deduction for your filing status, you would not see any change in tax due or refund.
If the uncommon situation does not apply to you and you did not receive a Form 1098, you can still possibly take the deduction by entering the information as if you have received the form. Get your mortgage info by going to your lender’s website or review other documents, like your monthly mortgage bills and your Closing Disclosure (or HUD-1). As long as the information you enter on the 1098 replica screen matches the actual amount of mortgage interest you paid, you will be fine.
