Make sure you don't efile until you have successfully gotten TurboTax to calculate your loans as subsequent loans! I made the mistake of e-filing my 1040 and then realizing the questions TT leads you through on Mortgage Interest for multiple 1098s is completely insufficient for subsequent loans like a construction loan refinanced into a conventional loan in the same year!!
I found the errors after the fact, and made the corrections by going directly to the mortgage interest forms, but now I have a huge mess because apparently I won't be able to "amend" my e-filed 1040 through TurboTax unless I return all of the data to what was originally reported to the IRS.
If you have not yet filed, I would suggest opening the Forms and entering the information directly on the worksheet.
You will want to enter $0 for the outstanding balance of the construction loan, since it was paid off by the new loan (even though it shows the final balance on your 1098). I entered the same date for payoff of first loan and origination date of my current loan and the $0 outstanding balance on the construction loan, and all of a sudden I'm getting a refund instead of owing, and a bunch of other forms are affected by this difference. They don't adjust after you have already e-filed as in my case. So I hope you are able to get this fixed before filing your Federal tax return.
I read other posts where many people are very frustrated by this problem in the automatic entry Turbo Tax does for multiple 1098s. It has been a problem since last year, evidently, and still hasn't been fixed.
