No, you should not have to change your product. Use the worksheet in Publication 936 (page 11) to make sure you are using the right calculations (loan limit and deductible mortgage interest). Also, you can print your return before you file it to review your Schedule A and worksheets. This can be a complicated area when more than one 1098 is received. Some entry points to consider.
- When entering more than one loan be sure you enter zero for the loan balance on the loan that was purchased and closed.
- On the second loan enter the loan balance when that loan began, date of origination, yes or no for points paid on second loan, yes it is the most recent loan, select that it is a refinance of a previous loan and no it wasn't used for something other than your home.
- As you know there will be an adjustment due to the balance of the loan.
You have access to all forms when you choose to print your return in TurboTax Online/Mobile. However you are required to pay before printing, but do not have to file until you are ready.
It's important not to just switch numbers if you haven't confirmed your numbers. Here is the instructions to switch if you need them.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
