topic Mortgage Interest in Deductions & credits

Mortgage Interest

ncwcu — Fri, 07 Feb 2020 05:37:43 GMT

Is something up with the mortgage interest tool? I added my interest and the program saves it but when it lists items for the sections, it shows a "0" for that line item. I go back in to that section and see the correct number there, run the program checker again and still have a "0" for the mortgage interest in the summary. Any ideas?

Re: Mortgage Interest

KathrynG3 — Fri, 07 Feb 2020 21:10:59 GMT

Please double check that your details are fully entered. Was there a re-finance? Did you have more than one mortgage and one was a home equity line of credit? Depending on the dates of the mortgages, you may be affected by the new Tax Cuts and Jobs Act.

Deducting Mortgage Interest FAQ's is a good starting point. Answer the detailed questions as comprehensively as possible.

Re: Mortgage Interest

Awilliams1621 — Mon, 10 Feb 2020 20:02:59 GMT

I am having the same issue with the mortgage interest tool. I have looked my numbers over multiple times and they are correct. They say I am due a credit but it isn't carrying over when you hit continue. If this is not an issue with the tool, I am not sure what else is wrong. Has anyone been able to correct this?

Re: Mortgage Interest

MaryK4 — Tue, 11 Feb 2020 00:06:01 GMT

If your standard deduction is higher than your itemized deduction, TurbiTax will automatically use the standard deduction.

@Awilliams1621

Re: Mortgage Interest

Awilliams1621 — Tue, 11 Feb 2020 17:28:02 GMT

My itemized deductions are definitely higher so that was not the case. I used the advice of someone else on this topic regarding going to the forms page and overriding the column for mortgage interest and that finally did the trick. I think this needs to be corrected by Turbo Tax. That is a huge deduction for them to have an error on.

@MaryK4

Re: Mortgage Interest

BettiBopper — Wed, 12 Feb 2020 22:56:56 GMT

As of today, Turbo Tax has not corrected the mortgage interest section. Totally agree with you - HUGE error on their part. Had I not compared federal to California state I would not have known about this error.

Frustrating!

Re: Mortgage Interest

jzheng2011 — Sun, 23 Feb 2020 21:11:27 GMT

Same issue here. It should be a bug. The answer from the "Expert" doesn't solve anything. Hope they can resolve it sooner.

Re: Mortgage Interest

VictoriaD75 — Tue, 25 Feb 2020 01:45:19 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

For online versions:

Under Deductions & Credits, expand the menu for Your Home
Click Start/Revisit next to Mortgage Interest and Refinancing (Form 1098)
Click through until you get to a screen that says Do any of these situations apply to you? Mark Yes.
On the next screen, take out the zero.
Click back and choose No.