I was looking at Schedule A and noticed that the mortgage interest was not reduced like it had been last year since our mortgage exceeds the $750K limit. Is this a TurboTax bug or was the mortgage cap eliminated this year?
I reviewed all the TT entries from the 1098 and its accurate. The mortgage interest amount on the 1098 is flowing in full through to Schedule A in full without any capping. Last year it was capped by about 20%. This is a primary residence with no other mortgage, helocs, etc in place.
When running the error check in TurboTax nothing pops up. I am using the desktop version, 2024 Premier edition.
UPDATE: Looks like this a TurboTax bug. I opened the Deductible Home Mortgage Interest Worksheet and line 18 shows the correct capped mortgage interest amount that should be reported on Schedule A, line 8a. But this amount is NOT what is being reported in Schedule A. Schedule A, line 8a is showing the full amount of the interest that was entered in the step-by-step from the 1098.
