I am stuck with my 2nd mtg as I do NOT have a 1098 and there seems to be NO way around it and Turbotax won't let me file electronically. How can Turbotax FIX this issue?

Forum|Forum|7 years ago
June 1, 2019
9 replies
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Anonymous

Was the 2nd mortgage privately financed?

perkylzdAuthor

Level 2

It was a disaster loan via the Small Business Administration to make repairs. They do not send a 1098 because the interest is below the limit. I've never had this problem before now.

Anonymous

According to FEMA: "Interest on both SBA loans and home equity loans should be tax deductible as long as the home is used as collateral." https://www.fema.gov/news-release/2004/11/04/sba-home-disaster-loan-vs-home-equity-loan

If you are using the desktop (CD/Download) version of TurboTax, you can switch to the Forms view (Ctrl +2) and enter this interest directly on Schedule A, line 8 b. (see sample screenshot below)

Please note: You will need to print and mail this return. You will not be able to e-file it.

[Edited 04.10.2019 | 9:37 am pst]

perkylzdAuthor

Level 2

This still doesn't help ... I also have a 1st mtg ... no problem I have a 1098 for that and all the information that came on it such as origination date and outstanding prinicpal as of 1/1/18. But I do not have that information for the SBA loan as I don't get a 1098 from them, so trying to override my entry without that information ...I pay for two mortgages. TurboTax says it can't file electronically. How do I get it to do that. I don't want to print and mail my forms ... that is why I purchased the cd.