In the case of a mortgage that just changed lenders the loan amount for the first lender can be excluded in TurboTax. Here are the steps.
- Navigate to the "Mortgage Interest" topic
- Edit the oldest 1098 entry
- Verify the form 1098 entries match the form
- You will arrive at question asking "Is this the most recent 1098 on the loan?" Answer "No"
- Continue/Verify the remaining entries for that 1098
- Do not click "Done"
- Instead Edit the current 1098 entry
- Verify the form information
- When you arrive at the question asking about "The most recent 1098..." Answer "Yes"
- Continue/Verify the remaining entries for that 1098
- This time click "Done" at the bottom of the page
- You should be asked about the beginning and end of each of the loans
- For the old 1098 you will show the pay off amount and date
- For the current 1098 you will show the ending balance on 31 Dec 2023 (or 1 Jan 2024 typically) with no pay off date
- These entries should trigger TurboTax to ignore the prior 1098 loan amount in calculating the limitation.
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