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Amending 2020 return and cannot enter points for refinance without getting errors saying I need a "Outstanding Mortgage Principal must have a value" How do I enter this?
I did what Turbo Tax said to add the 1098's together. However, I have points and also have deduction limitation to contend with. the Mortgage itself is 1.5MM which originated in 10/2015, one Refi was done in 07/2019, and the last refi was done 01/2020. I paid points on both mortgages. The first refi, I need to right off the remaining amount of points paid and the other will start a new 30 year amortization. I keep running into the errors "Outstanding Mortgage Principal must have a value" when I try to just apply the points with no mortgage principal and outstanding principal. I am also unable to enter the correct time frame so I get the MFJ 1MM limitation and not the 750K limitation. Also These points are only shown on HUD not on my 1098. If I use the origination date for the purchase on my home of 10/2015 and the acquisition date of 07/2019, the wrong amount of points are used for remaining amount. If I put the 07/2020 in for the origination then the limitation is calculated as 750K deduction for my points. The only way to do what I am trying to do is override almost almost the entire worksheet. I amy as well just do my taxes the old fashioned way with pencil and paper. TurboTax does not appear to be asking the proper questions and therefore will not do any of these calculations correctly. I was already audited for 2019 because TT never calculated the Limitation at all. Help please.