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Deductions & credits
Yes, you still enter the second 1098 from the refinanced loan. You will add the box 1's from all your 1098's and put that amount in TurboTax. Double check that you've completed all of these steps for your refinance:
- Gather all of your 1098 forms related to your refinance (the form from your original lender and the form from your new lender)
- Grab a calculator and add together the box 1 amount from each form. Enter the total in TurboTax as Box 1 Mortgage interest.
- Add the Box 5 amount from each form and enter the total as Box 5 Mortgage insurance premiums. (If you weren’t required to pay mortgage interest, these boxes will be blank on your forms and you won’t enter anything.)
- Add the property tax paid from each form and enter it in the Property (real estate) taxes box.
Next, finish adding info for boxes 2, 3, 7, and 11 using Form 1098 for the original loan.
February 26, 2021
2:15 PM