Deductions & credits
You have two options.
As you walk through the steps of entering the refinance, you will be given the option to let TurboTax calculate it or you can calculate it.
- Answer yes to is this a HELOC or refinance
- Say yes, it was used for things other than paying off your existing loan
- Say No, I used some or all of this loan on a different home or something other than a home
- Then select either help me figure this out or I'll enter it myself
If you choose help me figure it out, then you will just enter the amount you took out for the taxes and anything else and your balance on the loan as of 12/31/24. 
