While you can manually calculate the average balance of each loan using the method prescribed by the IRS, TurboTax will have the finalized worksheet available on February 17, 2022. This will automatically calculate the home mortgage interest in cases such as yours in which there is more than one Form 1098 and the outstanding principal exceeds $750,000.
Once you are getting the entire mortgage interest deduction you are entitled to, TurboTax will optimize your tax result by itemizing or taking the standard deduction.
