topic I have refinanced 2 times in 2019 and got 4 1098 forms. When I put them in TurboTax it sum them up and show about 1,100000 which is not correct. It should have be 272,000 in Get your taxes done using TurboTax

I have refinanced 2 times in 2019 and got 4 1098 forms. When I put them in TurboTax it sum them up and show about 1,100000 which is not correct. It should have be 272,000

rzhamkochyan — Sat, 01 Feb 2020 20:05:31 GMT

Re: I have refinanced 2 times in 2019 and got 4 1098 forms. When I put them in TurboTax it sum th...

BarbaraW22 — Sat, 01 Feb 2020 20:34:32 GMT

Since you have multiple Form 1098s, it is important to verify that you have entered the correct loan balances into TurboTax. This information is used to calculate your mortgage interest deduction.

To review your 1098 entries, please follow these steps:

Log into TurboTax and click on any topic to continue
Click on Federal from the menu on the left-hand side
Click on Deductions and Credits at the top
Click on Edit/Add to the right of Mortgage Interest and Refinancing (Form 1098)
Click on Review next to each 1098 you entered
Pay close attention to the following entries:

Outstanding mortgage principal as of 1/1/2019 (If you took out the loan after January 1, 2019, then leave this field blank)
Mortgage origination date
Mortgage acquisition date (if applicable)
If your loan was refinanced, mark "Yes" to the question "Is this loan a home equity line of credit or a loan you've ever refinanced?" and answer the questions carefully

Re: I have refinanced 2 times in 2019 and got 4 1098 forms. When I put them in TurboTax it sum th...

rzhamkochyan — Sat, 01 Feb 2020 23:36:07 GMT

Thank you so much for you help.

I think it did work for Federal return but when I was reviewing the State (CA) return I was asked 3 times how much I borrowed in 2019. So I put $0.00 for each refinanced loan. I am assuming I did correctly.

Thank you again for your quick response.

Re: I have refinanced 2 times in 2019 and got 4 1098 forms. When I put them in TurboTax it sum th...

CCap — Thu, 06 Feb 2020 05:17:02 GMT

But you did borrow in 2019. You borrowed and also paid off. I am having a very similar issue and want to enter this thing correctly!