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Level 1

Question

1098 mortgate interest statement

Forum|Forum|7 years ago
February 2, 2019
2 replies
17 views

Outstanding mortgage principal as of 1/1/2018 is 300,000

Remaining balance as of 12/31/18 is 315,000

How do I clear this error according to Turbo Tax before I submit my taxes. This addition is a result of unpaid mortgage added to the loan.

Thank you in advance

Level 15

if there was unpaid interest added to the loan balance, then isn't the figure correct?

I think TT is asking for the balances as it checks to see if you average balance is over $750,000, which is part of the new tax law.

I've been testing myself in TT and I don't see that balances have any impact as long as the balance is below that limit

the key is getting yourself comfortable that the interest related to the loan is properly deducted on Schedule A.

Level 2

Hi would you mind explaining what you did? Did you just ignore the error? I am having the same issue.