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Mortgage Int Limited Smart Worksheet. It says "Limit Int/points on 1098 should not be greater than -387.67, the total interest and points reported on Form 1098." Help!!
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The error condition stating that “limit int/points should not be greater than –XXXX” is being generated for the case where the taxpayer has mortgage interest reported on Form 1098 from their lender as well as a Mortgage Credit Certificate (MCC), but both forms were not entered into the tax return (or another specialized situation discussed at the end).
In order to be able to claim the MCC, the mortgage interest information from your lender must also be entered even though you are not claiming itemized deductions.
To correct the error, be sure that both the form 1098 information (and all the follow-up questions) and the MCC information has been entered into your tax return. Also, do not enter any values or answers on the screen where you see the error.
To go directly to the section of your return to enter the 1098 information, you can use the following steps:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “1098” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to 1098” or just click the button to Go to 1098
After your 1098 information has been entered and the follow-up questions answered, the error condition should be cleared.
(There was one additional case where the error could be generated even though both documents were entered. If the box is checked that your name is not shown on the 1098 from your lender, then the error could be generated. As long as your name is on the loan documents, you are liable to pay the mortgage, and you did pay the mortgage interest reported on the 1098, then you can uncheck that box to clear the error condition.)
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"Reduction of home mortgage interest deduction on Schedule A
(Form 1040). If you itemize your deductions on Schedule A, you
must reduce the amount of home mortgage interest you would
otherwise deduct on Schedule A by the amount on Form 8396, line
3, and report the reduced amount on Schedule A. You must do this
even if part of the amount on line 3 is carried forward to 2019.
It was discovered that it listed my deductible home mortgage interest as 0, therefore yielding a negative number after the subtraction. THE FREEDOM EDITION APPARENTLY DOES NOT SUPPORT REGULAR 1098 FORMS, and that's why it was subtracting it from a zero dollar amount. But it never told me this!
After all this trouble, the LEAST turbotax could do was upgrade me to a version that made it work, BUT THEY GAVE NO COMPENSATION and said I would have to pay the $100 to upgrade regardless.
If you want good customer service, find a different tax program. Hopefully this helps others avoid the same trouble.
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If your 1098 form (Box 7) has a check mark or any text what so ever, be sure to check the "Is Box 7 Checked" option when entering the 1098 info in Turbo tax. It will also ask you for the amount you owe on the loan for the beginning of 2019 which you can retrieve from January's 2019 mortgage statement.