topic Interest Deduction in Deductions & credits

Interest Deduction

JCAD56 — Sun, 29 Mar 2020 20:55:49 GMT

Bought a new main home in April 2019 and put the old home on the market. Moved in Nov 2019. Old home has not sold yet. I entered all interest information. Average balance less than $750k. I entered all interest information. When done and leaving section, program asks if either of two situations apply, since average balance less than $750k I check no. The program recalculates taxes. When I leave this section, the program recalculates again. It does not give me credit for the interest deduction (the interest amount pushes me into itemized deductions). If I go back, I have to re-check the "no" answer again. Why won't the selection stick? I am stuck in this loop. I have used TurboTax for years and never had a problem like this.

Re: Interest Deduction

KrisD15 — Sun, 29 Mar 2020 21:09:01 GMT

You also have the option of selecting "Yes" and on the next screen you can adjust the interest, allowing you to claim all the home mortgage interest you entered.

Re: Interest Deduction

JCAD56 — Sun, 29 Mar 2020 21:32:01 GMT

I select the Update button for Interest. Hit the done button and the program takes to the Yes/No question. I select No and the program re-calculates the taxes. Then I hit the Continue button and the program brings me back to the deduction summary page and re-calculates the taxes (without using the answer to the question). I don't see another screen where I can override that re-calculation.

Re: Interest Deduction

ReginaM — Mon, 30 Mar 2020 18:58:48 GMT

I am sorry, we do not have access to your account here on the Community Board, so it is hard to see exactly what you are dealing with. I tried to replicate your problem and could not. Try deleting both of your 1098's and reenter them into TurboTax. Here's how:

While in your Tax Home,
Select Search from the top right side of your screen,
Enter 1098,
Select Jump to 1098,
Select the Trash Can next to each 1098.
Re-Enter each 1098.
Follow the On-Screen Prompts to complete this section.

If this doesn't help, it might be something else going on. There are a couple of things that you can try to get past this snag,

Try closing TurboTax,
Compete a disk cleanup,
Restart your computer.

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