@Opus 17 wrote:
Did you calculate your average balance using both methods? There is the first month-last month method and the "Interest paid divided by interest rate" method. Turbotax is probably set up to use whichever method is more in your favor, and either would be allowed by the IRS. I will try and look at the worksheet tonight to see how it is calculated (although I can't see your worksheet of course.)
Correction, Turbotax does not include the calculation for the "interest paid divided by interest rate" method. I found the worksheet and it calculated a test result correctly for me. We will have to see if someone else can help you download the actual Turbotax worksheet from your file.
Alternatively, if you purchase Turbotax 2024, you should be able to download your data file and open it in the program. But that's a cost that you shouldn't have to pay to figure this out.
If no one else can help download the worksheet, I can try and flag this for technical support, but it has to go through the forum moderators first. You should also be able to get support on the phone, are you having trouble getting through or are they refusing to help? Turbotax will add more operators by the end of January.
Unfortunately, it seems you need to amend your return to change the interest deduction. (While it would be interesting to figure out the error, it won't change what you owe.) Here though, if Turbotax is still giving an incorrect calculation for you, you won't be able to enter the correct amount without doing an override, and that also would require the desktop version. You might be able to get a free copy of the 2024 desktop for amending purposes by calling customer support -- if you get through, don't try to get them to fix the problem. Just tell them you need to file an amended return, and you need the desktop version so you can perform a manual override.
If you got a notice that you owe more tax and penalties, you can file a claim here. That should also start an investigation. You must file a claim within 30 days of the notice.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/submit-claim-turb...
Lastly, double-check your start and end balance, and make sure the balance on your 1098 form is the same as you are reporting as your Jan 1 2024 starting balance. (If the 1098 is wrong, that could be another source of error.) A simple transposition (like $845,000 instead of $854,000) can be hard to detect visually.
