Outstanding Mortgage Principal

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We paid off our home loan in 2021 so our "Outstanding Mortgage Principal" is $0 Turbotax rejects this entry after filling out the 1098 data. What to do? Thanks.

AmyCAnswer

Alumni - Intuit

The program wants your balance Jan 1, 2021 rather than Dec 31. Once you enter a number, the program will work to determine your allowed mortgage interest. No balance indicates no mortgage interest.

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AmyCAnswer

Alumni - Intuit

The program wants your balance Jan 1, 2021 rather than Dec 31. Once you enter a number, the program will work to determine your allowed mortgage interest. No balance indicates no mortgage interest.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

wwatters6871

Level 2

I paid off my mortgage in 2020. I still have a line of credit and received a Form 1098 with interest reported on line 1. Turbo Tax is asking for an amount to be entered in line 2, even though the 1098 is showing $0.

wwatters6871

Level 2

And, to further clarify, my line of credit balance also happened to be $0 on 1/1/2021. I subsequently drew on the line and paid interest during the 2021 calendar year.