Deductions & credits

Thank You! I am using your approach!  I received a letter today from Turbo tax indicating that I had overstated my mortgage deduction in 2020 as a result of an error in their system!

 

I had a loan refinanced in February 2021. The lender included the amount in Box 2  prior to payoff. I used this figure  and when aggregated with the new loan I was over the loan limit. Turbo Tax 's system did not recognize the limitation so their error went unnoticed.  I simply replaced the balance in box 2 of loan 1 with zero. (Although, I had to put $1 because Turbo Tax would not accept zero)  People involved in their programming are obviously not critical thinkers and we are paying for it.

 

I  read some of the other comments  in this forum.. It is a very frustrating situation.