topic 1098 in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/1098/01/1061065#M117707 <P>I have 2 1098 forms as I refinanced. How do I enter 2 of these? I have tried everything I have seen on the community, please help</P> Sat, 01 Feb 2020 18:32:45 GMT kguyla 2020-02-01T18:32:45Z 1098 https://ttlc.intuit.com/community/tax-credits-deductions/discussion/1098/01/1061065#M117707 <P>I have 2 1098 forms as I refinanced. How do I enter 2 of these? I have tried everything I have seen on the community, please help</P> Sat, 01 Feb 2020 18:32:45 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/1098/01/1061065#M117707 kguyla 2020-02-01T18:32:45Z Re: 1098 https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-1098/01/1061235#M117726 <P><SPAN style="font-size:11.0pt"><SPAN style="font-family:Calibri">In many cases, the problem is that the refinanced mortgage amount in box 2 is entered as the full amount of the new mortgage. </SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:11.0pt"><SPAN style="font-family:Calibri">That box asks what is the amount as of January 1, <STRONG><U>2019</U>.&nbsp;</STRONG>On a refinance, that amount would be zero.</SPAN></SPAN></P> <P>&nbsp;</P> <P>If you have multiple 1098 mortgage forms, you’ll enter them one at a time.</P> <P>&nbsp;</P> <P>After going through the steps with the first one, you can add a lender when you get to the&nbsp;<EM>Mortgage deduction summary</EM>&nbsp;screen. (In the case of a refinance, it's best to enter the 1098 from your original loan&nbsp;<STRONG>before</STRONG>&nbsp;the 1098 from your refinance.)</P> <P>&nbsp;</P> <P>But, if they're both from the&nbsp;<STRONG>same</STRONG>&nbsp;lender, and one of them has the&nbsp;“Corrected”&nbsp;checkbox marked at the top, enter the corrected 1098 and discard or shred the other one.</P> Sat, 01 Feb 2020 18:56:49 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-1098/01/1061235#M117726 RobertG 2020-02-01T18:56:49Z Re: 1098 https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-1098/01/1169435#M126707 <P><LI-USER uid="149173"></LI-USER>&nbsp;</P><P>I'm still a bit confused. I hope you can help me figure this out. I also have the same dilemna as the OP</P><P>I typed in the first 1098 from my original lender.</P><P>I added the 2nd 1098 from a lender that I've refinanced with. As you suggested, I didn't enter anything into Box 2 of the TT form since the refinance date was around August 2019. During the&nbsp; process of adding the 2nd 1098, TT asks me "Was this loan&nbsp;<SPAN>paid off or refinanced with a different lender in 2019?" I selected YES.</SPAN></P><P><SPAN>I answered a couple of more questions and got to this question "Is this loan a home equity line of credit or a loan you've ever refinanced?" I selected "YES&nbsp;this is a loan I've refinanced or a home equity line of credit (HELOC)."</SPAN></P><P><SPAN>Once I completed this process, I found out that the interest from the 2nd lender was not captured. What did I do wrong? Could you please help me? I can't find this answer anywhere. Thank you</SPAN></P> Mon, 17 Feb 2020 06:03:26 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-1098/01/1169435#M126707 dt14301 2020-02-17T06:03:26Z Re: 1098 https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-1098/01/1200219#M129135 <P>For the refinanced loan on the question for&nbsp;<STRONG>Was this loan&nbsp;paid off or refinanced with a different lender in 2019?&nbsp; </STRONG>The answer would be No.&nbsp; You refinanced loan was not paid off or refinanced with a different lender.</P> <P>&nbsp;</P> <P><STRONG>Is this loan a home equity line of credit or a loan you've ever refinanced?&nbsp;</STRONG>Again the answer is No because you have not refinanced the loan you refinanced.</P> <P>&nbsp;</P> <P>&nbsp;</P> Fri, 21 Feb 2020 14:10:06 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-1098/01/1200219#M129135 DianeC958 2020-02-21T14:10:06Z
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<title>topic 1098 in Deductions & credits</title>
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<P>I have 2 1098 forms as I refinanced. How do I enter 2 of these? I have tried everything I have seen on the community, please help</P>
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<pubDate>Sat, 01 Feb 2020 18:32:45 GMT</pubDate>
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<P>I have 2 1098 forms as I refinanced. How do I enter 2 of these? I have tried everything I have seen on the community, please help</P>
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<pubDate>Sat, 01 Feb 2020 18:32:45 GMT</pubDate>
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<P><SPAN style="font-size:11.0pt"><SPAN style="font-family:Calibri">In many cases, the problem is that the refinanced mortgage amount in box 2 is entered as the full amount of the new mortgage. </SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:11.0pt"><SPAN style="font-family:Calibri">That box asks what is the amount as of January 1, <STRONG><U>2019</U>.&nbsp;</STRONG>On a refinance, that amount would be zero.</SPAN></SPAN></P> <P>&nbsp;</P> <P>If you have multiple 1098 mortgage forms, you’ll enter them one at a time.</P> <P>&nbsp;</P> <P>After going through the steps with the first one, you can add a lender when you get to the&nbsp;<EM>Mortgage deduction summary</EM>&nbsp;screen. (In the case of a refinance, it's best to enter the 1098 from your original loan&nbsp;<STRONG>before</STRONG>&nbsp;the 1098 from your refinance.)</P> <P>&nbsp;</P> <P>But, if they're both from the&nbsp;<STRONG>same</STRONG>&nbsp;lender, and one of them has the&nbsp;“Corrected”&nbsp;checkbox marked at the top, enter the corrected 1098 and discard or shred the other one.</P>
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<title>Re: 1098</title>
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<P><LI-USER uid="149173"></LI-USER>&nbsp;</P><P>I'm still a bit confused. I hope you can help me figure this out. I also have the same dilemna as the OP</P><P>I typed in the first 1098 from my original lender.</P><P>I added the 2nd 1098 from a lender that I've refinanced with. As you suggested, I didn't enter anything into Box 2 of the TT form since the refinance date was around August 2019. During the&nbsp; process of adding the 2nd 1098, TT asks me "Was this loan&nbsp;<SPAN>paid off or refinanced with a different lender in 2019?" I selected YES.</SPAN></P><P><SPAN>I answered a couple of more questions and got to this question "Is this loan a home equity line of credit or a loan you've ever refinanced?" I selected "YES&nbsp;this is a loan I've refinanced or a home equity line of credit (HELOC)."</SPAN></P><P><SPAN>Once I completed this process, I found out that the interest from the 2nd lender was not captured. What did I do wrong? Could you please help me? I can't find this answer anywhere. Thank you</SPAN></P>
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<title>Re: 1098</title>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-1098/01/1200219#M129135
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<P>For the refinanced loan on the question for&nbsp;<STRONG>Was this loan&nbsp;paid off or refinanced with a different lender in 2019?&nbsp; </STRONG>The answer would be No.&nbsp; You refinanced loan was not paid off or refinanced with a different lender.</P> <P>&nbsp;</P> <P><STRONG>Is this loan a home equity line of credit or a loan you've ever refinanced?&nbsp;</STRONG>Again the answer is No because you have not refinanced the loan you refinanced.</P> <P>&nbsp;</P> <P>&nbsp;</P>
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