Deductions & credits
Did you happen to refinance in 2020? If so, your mortgage interest will need to be entered following the steps below to ensure you are not being limited by the mortgage balance limits.
Mortgage interest deduction limits
You can review your mortgage interest in the federal section of the program.
- Select Deductions & Credits
- Select Mortgage Interest and Refinancing (Form 1098)
- As you go through the screens, pay attention to the items below to ensure your items are reported correctly.
If you just refinanced the same loan and if your total loan balance did not exceed $750,000 throughout the year, you will need to review your input.
Be sure that you have entered $0 for the loan that was paid off in Box 2 - Outstanding mortgage principal on the screen titled Let's get the details from your Home loan 1098.
You will also want to select that the loan that was refinanced and is no longer there at the end of the year is marked as paid off during the year.
Please see the following link for additional information on entering the refinanced mortgage interest expense.
