The form is totally broken and was last year, too. Even if you combine all of the refinance 1098s into a single entry, that does not change the fact that Turbo Tax is not *averaging* the loan values throughout the year (as Intuit employees keep stating). No matter what you do, Turbo Tax is summing all of the loan values--both the original loans and the refinanced loans. If you originally had a $500,000 loan and then refinanced in July for $450,000, the loan average should be roughly $475,000. But Turbo Tax is calculating your average loan value at $950,000--the sum (not the average) of the two loans. Lots of people on the forum say this was broken in the 2020 version of the software, too. The error won't impact anyone whose summed mortgages are under $750,000.
The problem we have is that there's nothing wrong with the "worksheet." Even if we get a final form of the worksheet this week, the problem is that Turbo Tax isn't doing the right calculation to put onto the worksheet. I believe this is the first time in 20 years I will have to use different software to finish my return because this calculation is simply broken, and it sounds like it was last year, too.
