topic Limit Interest/Points on 1098 in Get your taxes done using TurboTax

Limit Interest/Points on 1098

eakayeea — Sat, 08 Feb 2020 23:15:22 GMT

Hi i am checking my tax inputs and your smart check says that Limited interest and points must be entered in the Tax and Interest Deduction Worksheet, but I don't know what amount I am supposed to enter?

Re: Limit Interest/Points on 1098

MaryK4 — Mon, 10 Feb 2020 02:53:07 GMT

See AnnetteB's answer for details Solved: Mortgage Int Limited Smart Worksheet. It says ...

Re: Limit Interest/Points on 1098

chrisgmorton — Mon, 24 Feb 2020 17:09:49 GMT

I get the same error. It's likely a bug in Turbotax. If I remove all my mortgage interest entries I still see the same bug. Not sure how we get Turbotax to fix this.

Re: Limit Interest/Points on 1098

KrisD15 — Tue, 25 Feb 2020 22:50:53 GMT

Please follow these instructions:

ONLINE USERS:

Please go back to the Home Mortgage Interest section:

Click Federal on the left side-bar

Click Deductions & Credits along the top

Scroll down to “Mortgage Interest and Refinancing (Form 1098)” Click Edit/Add

Scroll down the “Here’s your 1098 info” screen and click Done.

Next screen asks “Do any of these situations apply to you?” Select “Yes, one or all of these situations apply to me.” and Continue.

On the following screen, you will see the “Original amount”.

Enter the amount you can claim as a Home Mortgage Interest deduction in the “Adjusted amount” box. The Adjusted amount cannot be larger than the original amount or you will receive an error when trying to file. Instructions on who needs to adjust interest and how to calculate are available by clicking the blue “Help me figure this out” link.

DESKTOP USERS:

Go into Forms (top right)
Enter the amount on Tax & Int Wks
Mortgage Interest Limited Smart Worksheet section
Line A2

Step by Step

Federal

Deductions & Credits

Mortgage Interest, Refinancing and Insurance Click Update

Click Done

Click Yes, one or both of these situations apply to me. And Continue

Enter the Adjusted amount and Continue

@eakayeea

Re: Limit Interest/Points on 1098

robosmitty — Sun, 15 Mar 2020 14:50:11 GMT

"Enter the Adjusted amount and Continue"

I know where to enter the adjusted amount, I just don't know for sure what the "adjusted amount" is. I think this is about the 1,000,000 loan limit on mortgage interest. My mortgage is less than this amount and the adjusted amount is equal to the interest paid. Is that right?

Re: Limit Interest/Points on 1098

ThomasM125 — Mon, 16 Mar 2020 20:10:40 GMT

You'd need to divide your mortgage limit (I believe $1,000,000 your case) by the mortgage balance to determine the percentage of your mortgage interest that would be allowable. Then, multiply that percentage by your mortgage interest for the current year to arrive at the adjusted amount.