topic Why is my mortgage interest paid and RPT = $12,872, but Turbotax is claiming they only equal around $7,500? in Deductions & credits

Why is my mortgage interest paid and RPT = $12,872, but Turbotax is claiming they only equal around $7,500?

suzanne777702 — Wed, 08 Apr 2020 06:40:15 GMT

Re: Why is my mortgage interest paid and RPT = $12,872, but Turbotax is claiming they only equal ...

AmyC — Wed, 08 Apr 2020 19:28:34 GMT

Please review the qualifications to deduct it all Can I deduct my mortgage? and review your answers. It sounds like the program is limiting you.

Re: Why is my mortgage interest paid and RPT = $12,872, but Turbotax is claiming they only equal around $7,500?

NCperson — Wed, 08 Apr 2020 19:45:37 GMT

what is the balance of your mortgage(s)? if there are any HELOCs / cash out refis was all the money used to improve your home ?

Re: Why is my mortgage interest paid and RPT = $12,872, but Turbotax is claiming they only equal around $7,500?

suzanne777702 — Wed, 08 Apr 2020 20:20:53 GMT

Thanks NC! I finally figured it out. In TT, it asks if Box 7 of the 1098 is "checked" but it doesn't say anything about Box 8. While Box 7 isn't "checked" per se, and I originally clicked "No"I had another look at the 1098 and it DOES state that the loan is secured with the address in Box 8. I went back and corrected Box 7 to a "Yes". Just an interpretation issue. While the standard deduction in my case is higher than the deductions for the 1040, the latter are still allowed on my State Tax Return, thus reducing State tax obligations. Yea!