topic TT is calculating that my California Mortgage interest deduction adjustment is -$19k. Why is my interest deduction a negative number? We took out our mortgage in 2017. in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/tt-is-calculating-that-my-california-mortgage-interest-deduction-adjustment-is-19k-why-is-my/01/1065324#M118096 Sun, 02 Feb 2020 06:28:16 GMT kakrupnick 2020-02-02T06:28:16Z TT is calculating that my California Mortgage interest deduction adjustment is -$19k. Why is my interest deduction a negative number? We took out our mortgage in 2017. https://ttlc.intuit.com/community/tax-credits-deductions/discussion/tt-is-calculating-that-my-california-mortgage-interest-deduction-adjustment-is-19k-why-is-my/01/1065324#M118096 Sun, 02 Feb 2020 06:28:16 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/tt-is-calculating-that-my-california-mortgage-interest-deduction-adjustment-is-19k-why-is-my/01/1065324#M118096 kakrupnick 2020-02-02T06:28:16Z Re: TT is calculating that my California Mortgage interest deduction adjustment is -$19k. Why is ... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-tt-is-calculating-that-my-california-mortgage-interest-deduction-adjustment-is-19k-why-is/01/1074991#M118972 <P>If your mortgage debt loans originated on or after December 15th 2017 and exceed&nbsp;the CA limit of $1,000,000 then an adjustment is calculated to reduce the interest deduction for CA.&nbsp;&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>If your mortgage debt should not be over $1M, or should not be adjusted because it was taken out before Dec 15, 2017 then perhaps you have entered more than one form 1098, such as for a refinance.&nbsp; That may have incorrectly pushed your total mortgage debt to over $1M for CA and/or the origination date for a loan is now after the Dec 2017 date.&nbsp; Go back through your form 1098 entries in the federal "Deductions &amp; Credits" tab to be sure you have entered&nbsp;correctly.&nbsp;&nbsp;</P> Mon, 03 Feb 2020 20:19:57 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-tt-is-calculating-that-my-california-mortgage-interest-deduction-adjustment-is-19k-why-is/01/1074991#M118972 DMarkM1 2020-02-03T20:19:57Z Re: TT is calculating that my California Mortgage interest deduction adjustment is -$19k. Why is ... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-tt-is-calculating-that-my-california-mortgage-interest-deduction-adjustment-is-19k-why-is/01/1626425#M155449 <P>I’ve called in multiple times about this topic and found a coding error in Turbo Tax backend spreadsheet. &nbsp;When you refinance it considers the “Average balance” to be the average of 1/1/19 and 12/31/19 which is wrong (let’s say 2mil and 0) which is 1mil. Unless you refinanced on July 1st this is always going to be wrong. &nbsp;The number above is way off, but my “total debt” is calculated by TT as more than the home value and at least some check should trigger an error. &nbsp;Can TT fix this obvious bug so users stop seeing the issue? I’ve talked to two CPA agents who both promise a ticket starting in March but the SW still fails.</P> Tue, 09 Jun 2020 00:02:43 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-tt-is-calculating-that-my-california-mortgage-interest-deduction-adjustment-is-19k-why-is/01/1626425#M155449 BobbyandFriends 2020-06-09T00:02:43Z
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topic TT is calculating that my California Mortgage interest deduction adjustment is -$19k. Why is my interest deduction a negative number? We took out our mortgage in 2017. in Deductions & credits
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TT is calculating that my California Mortgage interest deduction adjustment is -$19k. Why is my interest deduction a negative number? We took out our mortgage in 2017.
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/tt-is-calculating-that-my-california-mortgage-interest-deduction-adjustment-is-19k-why-is-my/01/1065324#M118096
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Re: TT is calculating that my California Mortgage interest deduction adjustment is -$19k. Why is ...
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-tt-is-calculating-that-my-california-mortgage-interest-deduction-adjustment-is-19k-why-is/01/1074991#M118972
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<P>If your mortgage debt loans originated on or after December 15th 2017 and exceed&nbsp;the CA limit of $1,000,000 then an adjustment is calculated to reduce the interest deduction for CA.&nbsp;&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>If your mortgage debt should not be over $1M, or should not be adjusted because it was taken out before Dec 15, 2017 then perhaps you have entered more than one form 1098, such as for a refinance.&nbsp; That may have incorrectly pushed your total mortgage debt to over $1M for CA and/or the origination date for a loan is now after the Dec 2017 date.&nbsp; Go back through your form 1098 entries in the federal "Deductions &amp; Credits" tab to be sure you have entered&nbsp;correctly.&nbsp;&nbsp;</P>
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<dc:date>2020-02-03T20:19:57Z</dc:date>
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Re: TT is calculating that my California Mortgage interest deduction adjustment is -$19k. Why is ...
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-tt-is-calculating-that-my-california-mortgage-interest-deduction-adjustment-is-19k-why-is/01/1626425#M155449
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<P>I’ve called in multiple times about this topic and found a coding error in Turbo Tax backend spreadsheet. &nbsp;When you refinance it considers the “Average balance” to be the average of 1/1/19 and 12/31/19 which is wrong (let’s say 2mil and 0) which is 1mil. Unless you refinanced on July 1st this is always going to be wrong. &nbsp;The number above is way off, but my “total debt” is calculated by TT as more than the home value and at least some check should trigger an error. &nbsp;Can TT fix this obvious bug so users stop seeing the issue? I’ve talked to two CPA agents who both promise a ticket starting in March but the SW still fails.</P>
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