Deductions & credits

When using the example you linked to from TurboTax Community I entered the mortgages ($970,000) on two different loans with a combined mortgage interest total of $17,000, $10,000 on one 1098 and $7,000 on the other. When answering the questions for each 1098, and a mortgage origination date of 06/01/2018 for the original loan and 6/01/2022 for the second refinance loan, the interest calculated is correct using the $750,000 mortgage limit ($750k/$970k = 77.32% ). I did not include any points on this scenario.

This was performed using the TurboTax CD/Download Windows version. All of the questions need to be answered correctly for each loan.

• Important to answer 'Yes' or 'No' to this question based on the 1098 you are entering. 'Let's see if this is the most recent form for this loan'.  
  1. For the original loan the answer should be no. 
  2. For the refinanced loan the answer should be yes.

Here are the steps in full and this article may help you as well: How to handle multiple 1098s

1. Open your TurboTax Return > Search (upper right) > type 1098 > Click the Jump to... link
2. You will arrive at the 'Home loan deduction summary' > Select Edit next to your first 1098
3. Enter the bank or financial institution name > Continue > Select Primary Home > Continue
4. Select 'No or Yes' on 'Do any of these situations apply?' (I selected no) > Continue
5. Enter the information from your 1098 as it appears (I entered Boxes 1,2,3. Property taxes paid)
6. Continue > 'Yes' this property is secured by a property of mine. > Continue
7. Select 'I have no points to deduct for this loan' (this was my selection - answer for your situation) 
8. Continue > 'Let's see if this is the most recent loan' (see the notes about this above) > Continue
9. 'Let's get some details about this loan' answer correctly (I answered This loan is neither of these')
10. 'Yes or No' 'Have you used the money from this loan exclusively on this home?' (I answered yes)
11. Continue to the Home loan deduction summary and repeat for the refinanced loan 1098.

See the images below and please update here if you have more questions.

[Edited: 02/21/2023 | 1:34p PST]     @GoneSailin74