I refinanced my home mortgage 2 times from same lender (Bank of America) and received 3 1098 forms (1 for the original loan and 2 for the refinancing).
I read through a lot of posts in the turbotax forums related to refinance and having multiple 1098 forms from the refinancing (original loan and refinancing 1098 forms)
There are 2 approaches that are suggested multiple times:
Approach 1:
1. Enter as single 1098 entry in TurboTax by combining all these forms.
2. Add the mortgage interest from original loan 1098 and refinancing 1098 forms.
3. Use info for boxes 2 (Outstanding mortgage principal), 3, 7 and 11 using form 1098 for the original loan.
4. For the loan balance as of January 1, 2022, use the principal balance for the latest refinanced loan (current loan).
There is also TurboTax official help article suggesting this with the details: https://ttlc.intuit.com/community/loans/help/what-do-i-do-if-i-have-multiple-1098s-from-refinancing-...
The URL is still showing the content at least 2 days ago (April 15, 2022, however it is deleted now on April 17, 2022). This is how it looks like (I still have it in one of my browser tab)
Approach 2:
1. Enter all the forms and follow the instruction as in https://ttlc.intuit.com/community/entering-importing/help/how-do-i-handle-multiple-1098-mortgage-for...
The TurboTax article in that URL is updated 2 days ago (April 15, 2022) and showing the refinancing section now.
Previously, it was showing much less instruction and referring the refinancing instruction to the article in Approach 1 (to combine all mortgage interests).
My question is, which one should I use? I have been using Approach 1 and I have all my information ready to file. Is the Approach 2 the correct way now?
