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Deductions & credits
I'm having the same problem. 2020 was a big year for refi's, so this issue must be affecting a *lot* of people. The impact is somewhat hidden on worksheets deep inside the return, so I bet a lot of folks aren't even aware of the mistake. Intuit's reply is pretty disappointing.
I'm using a work-around similar to what is mentioned above. To keep things as close to correct as possible, I'm doing the following:
- For one of my 1098's, I'm entering the total interest from all 1098's. I'm listing the outstanding balance (Jan 1) from my first mortgage and the ending principle balance (Dec 31) from my last mortgage. This is basically treating the mortgage as if it were never refinanced.
- For my other 1098, I'm including lender name, dates, etc, but listing $0 for all principle and interest fields.
As far as I can tell, this results in the correct final calculation for my case (original loan in 2015, principle greater than $1M).