AmyC
Expert Alumni

Deductions & credits

Since the mortgage is under $100,000 the entire amount of mortgage interest paid would go to sch A for itemizing deductions. Schedule A shows the total of all mortgage interest. The IRS compares that total to the amounts the lenders report. Your totals would match and there would not be a problem.

 

Since sch A gives only the total deduction allowed, all the calculating is behind the scenes. In your case, however you feel most comfortable getting the total reported and deducted is fine. You can report one total or input each form. For those with higher mortgages that may be limited, inputting each is recommended.

@Nightwatchman 

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