topic Home Mortgage Interest in After you file

Home Mortgage Interest

sraines — Fri, 17 Jul 2020 19:12:12 GMT

Looking at the forms generated by TT Premier.

In "Federal Taxes" - "Deductions & Credits" - "Mortgage Interest, Refinancing, and Insurance", I entered under "Mortgage Lender" the bank and then the interest amount of 2941.41.

Looking on "Schedule A" - "Itemized Deductions" - "Interest You Paid" - No-8a Home mortgage interest and points. There is a zero value entered.

I don't understand how this would be correct?

Re: Home Mortgage Interest

DoninGA — Fri, 17 Jul 2020 19:14:35 GMT

There is a workaround for this.

For desktop versions:

In Forms view, locate and click on Tax & Int Wks on the left from the forms list
On the form, scroll to Mortgage Interest Limited Smart Worksheet
Click on NO to the right of the question, Does your mortgage interest need to be limited

Re: Home Mortgage Interest

sraines — Fri, 17 Jul 2020 19:24:53 GMT

Thank you but I don't understand why I would have to do this?

Did I answer something incorrectly?

Re: Home Mortgage Interest

DoninGA — Fri, 17 Jul 2020 19:26:36 GMT

@sraines wrote:

Thank you but I don't understand why I would have to do this?

Did I answer something incorrectly?

That is a bug in the software.