topic Re: Mortgage Interest Deduction in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1135013#M126367 <P>EDIT: Ignore this. It did not work out.</P><P>&nbsp;</P><P>The workaround I have so far is to enter the loan amount as 0 for everything but the oldest loan. This updates my calculations and I get credit as expected.</P> Thu, 13 Feb 2020 19:15:05 GMT prats612 2020-02-13T19:15:05Z Mortgage Interest Deduction https://ttlc.intuit.com/community/tax-credits-deductions/discussion/mortgage-interest-deduction/01/1073323#M126361 <P>I refinanced my mortgage with the same lender in July of 2019 to lower my interest rate. I received 2 1098Bs, one for old loan and the other one for the new loan. When I input the two 1098Bs in Turbo Tax, Turbo Tax is limiting the mortgage interest deduction for 2019. I only have one mortgage loan which is below the $750K limit by the IRS. What could be wrong with my input?</P> Mon, 03 Feb 2020 17:20:29 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/mortgage-interest-deduction/01/1073323#M126361 Titonati 2020-02-03T17:20:29Z Re: Mortgage Interest Deduction https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1076718#M126362 <P>Mine is doing the same thing. Refi'd lender sold loan. I have 3 1098s. I'm significantly under the $750k limit.</P> Mon, 03 Feb 2020 22:59:13 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1076718#M126362 dio531 2020-02-03T22:59:13Z Re: Mortgage Interest Deduction https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1084888#M126363 <P>I refinanced our home loan in March 2019. The bank sent 2 statements one for old loan interested paid and second for new loan. The turbo tax has only one deduction. How do I add the second interested amount paid? Also there were cost for the title search and taxes paid buy the escrow company</P> Tue, 04 Feb 2020 21:20:49 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1084888#M126363 the32prez 2020-02-04T21:20:49Z Re: Mortgage Interest Deduction https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1128570#M126364 <P>I have the same issue.&nbsp; My loan totals are less than $750,000.&nbsp; When I check the box that says ""No, none of these situations applies to me," I show refunds of about $5,000.&nbsp; When I click the "continue" button, the software forces my choice to "yes" and I suddenly owe a state and federal balance.&nbsp; Yikes!</P> Mon, 10 Feb 2020 22:07:07 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1128570#M126364 drh1947 2020-02-10T22:07:07Z Re: Mortgage Interest Deduction https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1130551#M126365 <P>I have the same issue. Is Intuit going to fix this bug? I am waiting to file my taxes. When the software did an error check, it pulled up this as something I needed to fix. As long as you dont fix it, you are ok. But I guess you wont be able to submit electronically unless you fix the error. I had to redo my entire taxes again since I put "0" in the box that asks for "Limit int/points on 1098".</P> Tue, 11 Feb 2020 01:36:10 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1130551#M126365 RajIyer 2020-02-11T01:36:10Z Re: Mortgage Interest Deduction https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1134990#M126366 <P>Seems like this is a common problem. The scary part is that I wouldn't have noticed this had I not looked at the worksheet. Hoping to see a fix soon.</P> Thu, 13 Feb 2020 19:15:34 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1134990#M126366 prats612 2020-02-13T19:15:34Z Re: Mortgage Interest Deduction https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1135013#M126367 <P>EDIT: Ignore this. It did not work out.</P><P>&nbsp;</P><P>The workaround I have so far is to enter the loan amount as 0 for everything but the oldest loan. This updates my calculations and I get credit as expected.</P> Thu, 13 Feb 2020 19:15:05 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1135013#M126367 prats612 2020-02-13T19:15:05Z Re: Mortgage Interest Deduction https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1159862#M126368 <P class="p1">reposted from another thread</P><P class="p1"><BR />This is definitely as issue. I have the desktop program and have sent my tax file to TT as requested. I have not received any kind of response from TT. &nbsp;There have been 2 workarounds suggested by other users.&nbsp;</P><P class="p2"><SPAN class="s1">The first is to go into the actual form/worksheet and check the “No” box. </SPAN></P><P class="p2"><SPAN class="s1">The second is to answer the tax limitation question “No”, do not click continue, save the return, back out of the program, reopen the program and manually continue your return at the next step. </SPAN></P><P class="p2"><SPAN class="s1">I have actually tried both solutions and both cleared all the error checks and were deemed ready to efile. I have successfully efiled using the second work around. My return has been accepted and approved by the IRS and state.<BR />TT definitely needs to fix this problem. I don’t pay for tax software to have it calculate my taxes incorrectly. In my case, the error causes a taxes due amount of over $2500 vs a refund of over $500. Its unacceptable. It is doubly irritating to have TT repeated say “there is no bug”. I guess People can’t rely on TT to “Get your maximum refund, guaranteed”.</SPAN></P> Sat, 15 Feb 2020 18:14:48 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1159862#M126368 jake93 2020-02-15T18:14:48Z Re: Mortgage Interest Deduction https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1163389#M126369 <P>Thank you for the suggestion.<BR />While I am not a tax professional, I have used Turbo Tax almost 20 years to file our taxes. I still purchase the CD’s and use the desktop.&nbsp; I prefer to enter the information as it is shown on forms 1098. I followed your second suggestion to answer No to the limitation question, I saved the return and exited Turbo Tax. I reopened Turbo Tax and chose review deductions myself. I was able to complete the return with the expected results. I did not receive an error or any items to review.<BR />I hope Turbo Tax provides some update or feedback soon.<BR />Regards,</P> Sun, 16 Feb 2020 05:35:25 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1163389#M126369 Sam6 2020-02-16T05:35:25Z Re: Mortgage Interest Deduction https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1174818#M127169 <P>Thanks&nbsp;<LI-USER uid="601539"></LI-USER>&nbsp;. This seems to have worked for now. I would definitely feel much more comfortable if turbo tax acknowledged and fixed this problem soon.</P> Mon, 17 Feb 2020 23:40:24 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1174818#M127169 prats612 2020-02-17T23:40:24Z
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topic Re: Mortgage Interest Deduction in Deductions & credits
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1135013#M126367
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<P>EDIT: Ignore this. It did not work out.</P><P>&nbsp;</P><P>The workaround I have so far is to enter the loan amount as 0 for everything but the oldest loan. This updates my calculations and I get credit as expected.</P>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/mortgage-interest-deduction/01/1073323#M126361
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<P>I refinanced my mortgage with the same lender in July of 2019 to lower my interest rate. I received 2 1098Bs, one for old loan and the other one for the new loan. When I input the two 1098Bs in Turbo Tax, Turbo Tax is limiting the mortgage interest deduction for 2019. I only have one mortgage loan which is below the $750K limit by the IRS. What could be wrong with my input?</P>
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<P>Mine is doing the same thing. Refi'd lender sold loan. I have 3 1098s. I'm significantly under the $750k limit.</P>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1084888#M126363
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<P>I refinanced our home loan in March 2019. The bank sent 2 statements one for old loan interested paid and second for new loan. The turbo tax has only one deduction. How do I add the second interested amount paid? Also there were cost for the title search and taxes paid buy the escrow company</P>
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<dc:date>2020-02-04T21:20:49Z</dc:date>
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<title>Re: Mortgage Interest Deduction</title>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1128570#M126364
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<P>I have the same issue.&nbsp; My loan totals are less than $750,000.&nbsp; When I check the box that says ""No, none of these situations applies to me," I show refunds of about $5,000.&nbsp; When I click the "continue" button, the software forces my choice to "yes" and I suddenly owe a state and federal balance.&nbsp; Yikes!</P>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1130551#M126365
</link>
<description>
<P>I have the same issue. Is Intuit going to fix this bug? I am waiting to file my taxes. When the software did an error check, it pulled up this as something I needed to fix. As long as you dont fix it, you are ok. But I guess you wont be able to submit electronically unless you fix the error. I had to redo my entire taxes again since I put "0" in the box that asks for "Limit int/points on 1098".</P>
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<dc:date>2020-02-11T01:36:10Z</dc:date>
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<title>Re: Mortgage Interest Deduction</title>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1134990#M126366
</link>
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<P>Seems like this is a common problem. The scary part is that I wouldn't have noticed this had I not looked at the worksheet. Hoping to see a fix soon.</P>
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<pubDate>Thu, 13 Feb 2020 19:15:34 GMT</pubDate>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1134990#M126366
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<title>Re: Mortgage Interest Deduction</title>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1135013#M126367
</link>
<description>
<P>EDIT: Ignore this. It did not work out.</P><P>&nbsp;</P><P>The workaround I have so far is to enter the loan amount as 0 for everything but the oldest loan. This updates my calculations and I get credit as expected.</P>
</description>
<pubDate>Thu, 13 Feb 2020 19:15:05 GMT</pubDate>
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<dc:date>2020-02-13T19:15:05Z</dc:date>
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<title>Re: Mortgage Interest Deduction</title>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1159862#M126368
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<P class="p1">reposted from another thread</P><P class="p1"><BR />This is definitely as issue. I have the desktop program and have sent my tax file to TT as requested. I have not received any kind of response from TT. &nbsp;There have been 2 workarounds suggested by other users.&nbsp;</P><P class="p2"><SPAN class="s1">The first is to go into the actual form/worksheet and check the “No” box. </SPAN></P><P class="p2"><SPAN class="s1">The second is to answer the tax limitation question “No”, do not click continue, save the return, back out of the program, reopen the program and manually continue your return at the next step. </SPAN></P><P class="p2"><SPAN class="s1">I have actually tried both solutions and both cleared all the error checks and were deemed ready to efile. I have successfully efiled using the second work around. My return has been accepted and approved by the IRS and state.<BR />TT definitely needs to fix this problem. I don’t pay for tax software to have it calculate my taxes incorrectly. In my case, the error causes a taxes due amount of over $2500 vs a refund of over $500. Its unacceptable. It is doubly irritating to have TT repeated say “there is no bug”. I guess People can’t rely on TT to “Get your maximum refund, guaranteed”.</SPAN></P>
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<pubDate>Sat, 15 Feb 2020 18:14:48 GMT</pubDate>
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<dc:date>2020-02-15T18:14:48Z</dc:date>
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<title>Re: Mortgage Interest Deduction</title>
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</link>
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<P>Thank you for the suggestion.<BR />While I am not a tax professional, I have used Turbo Tax almost 20 years to file our taxes. I still purchase the CD’s and use the desktop.&nbsp; I prefer to enter the information as it is shown on forms 1098. I followed your second suggestion to answer No to the limitation question, I saved the return and exited Turbo Tax. I reopened Turbo Tax and chose review deductions myself. I was able to complete the return with the expected results. I did not receive an error or any items to review.<BR />I hope Turbo Tax provides some update or feedback soon.<BR />Regards,</P>
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<pubDate>Sun, 16 Feb 2020 05:35:25 GMT</pubDate>
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<dc:creator>Sam6</dc:creator>
<dc:date>2020-02-16T05:35:25Z</dc:date>
</item>
<item>
<title>Re: Mortgage Interest Deduction</title>
<link>
https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-mortgage-interest-deduction/01/1174818#M127169
</link>
<description>
<P>Thanks&nbsp;<LI-USER uid="601539"></LI-USER>&nbsp;. This seems to have worked for now. I would definitely feel much more comfortable if turbo tax acknowledged and fixed this problem soon.</P>
</description>
<pubDate>Mon, 17 Feb 2020 23:40:24 GMT</pubDate>
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<dc:date>2020-02-17T23:40:24Z</dc:date>
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