topic 1098 in Deductions & credits

1098

Edwagner57 — Sun, 05 Apr 2020 22:02:57 GMT

I sold a home and bought a townhome using the same lender. I have 2 forms 1098. When I go to enter the info for the 2nd 1098, Turbo tax brings up the first 1098, combining the 1098 info even though they are for 2 seperate properties. Should I label them as lender#1 and #2? since it is the same lender? It automatically brings up the previous 1098 and doesn't allow me to enter 2 1098s. I love Turbo Tax!! Help somebody!!!

Re: 1098

JotikaT2 — Sun, 05 Apr 2020 22:29:17 GMT

It depends.

Are you able to enter each 1098 Form or is it forcing you to combine the entries?

You should be able to select Add A Lender under the Home loan deduction summary page.

If you are able to enter each 1098 form separately on the input, you will be fine.

The amount reported on your tax return is the combined total for all of the amounts.

Re: 1098

Edwagner57 — Mon, 06 Apr 2020 20:28:54 GMT

Thank you for responding. Since it is the same lender it is automatically bringing up the first 1098 I entered. I'm afraid to combine them myself since they are 2 different forms and for different homes and loans. I thought that maybe I could change a capital letter so that it might recognize it as another lender. I dont want to raise any flags

Re: 1098

JotikaT2 — Mon, 06 Apr 2020 20:40:38 GMT

Then you can absolutely just add #2 to the end of the Lender name on the 2nd loan.

This way you will be sure that the program calculates the loan interest deduction correctly. It will not affect how it is displayed on your tax forms.

Re: 1098

Edwagner57 — Mon, 06 Apr 2020 20:44:01 GMT

Thank you so much for your help! Very grateful for your response! Have a great day