topic Mortgage Interest in Deductions & credits

Mortgage Interest

Chuck Freedman — Sat, 11 Apr 2020 20:32:44 GMT

I have deductible mortgage interest that allows me to itemize. When I got to the very end of the return, while it was "fixing errors", it took away the mortgage interest which changed my return to use the standard deduction.

I went back through the mortgage interest section again. When I check the box that says the mortgage debt is for a loan under $750k, it seems like it corrects itself. Then as soon as I hit "done", it goes back to disallowing it again.

I've tried this a dozen times and am beyond frustrated.

Any help or ideas would be appreciated.

Thanks.

Re: Mortgage Interest

KathrynG3 — Sat, 11 Apr 2020 22:03:33 GMT

Yes, this is fixable. First, I recommend deleting your Form 1098 that was entered. To do this in TurboTax, follow these steps:

For TurboTax Online:

From the left menu, select Tax Tools>
Tools>
Delete a form

For TurboTax CD/Download:

From the Forms mode, type in 1095-A
Scroll to the state entry, highlight it and click Open Form
At the lower corner of the window, click Delete this form

Then, I recommend doing some technical housekeeping before proceeding. It may sound too simple to make a difference, but it does make a difference.

For TurboTax Online:

Sign out of TurboTax
Close the browser Window
Wait a minute
Open an incognito Chrome Window
Sign In to TurboTax

For TurboTax CD/Download:

I recommend doing a manual update.

Lastly, return to the Deductions & Credits page and re-enter Form 1098.

@Chuck Freedman

Re: Mortgage Interest

Chuck Freedman — Sat, 11 Apr 2020 22:33:56 GMT

Great. Thanks a lot.

Re: Mortgage Interest

Tmac2644 — Thu, 16 Apr 2020 03:33:51 GMT

@KathrynG3

I'm having the exact same issue and this did not solve it.

I had $36k in itemized deductions and when I ran a Federal Review it found one on Schedule A 1098 "Int/Min" was empty. I put $0 and it dropped by refund from $4k to $1,500. It's now recommending I do standardized as it only shows $11k in itemized deductions. That $11k is $10k for state, local tax and $1k for charity. $0 is being reported by 1098 even though I have $20k filled out over five 1098's (I sold a house and refi'd twice).

Per your instructions I used my downloaded TurboTax to remove the Home Interest Worksheet Forms and checked for update (no updates). I then repopulated my 1098. It even says "Congratulations you've received... deduction" when I finish the 1098, but my Federal Tax number doesn't change (I'm currently taking Itemized Deduction to troubleshoot).

One difference from your instructions was I couldn't find 1095-A to delete that, I just deleted the five Home Mortgage Interest Worksheets for each one. I don't see a 1095-A Form listed in Forms and I didn't receive one as I didn't participate in an Affordable Care Act plan.

FYI, the box in Schedule A line 8 is unchecked.

Re: Mortgage Interest

KrisD15 — Thu, 16 Apr 2020 03:53:56 GMT

If the mortgage interest is not showing up on schedule A, please try this:

DESKTOP USERS:

Go into Forms (top right)
Enter the amount on Tax & Int Wks
Mortgage Interest Limited Smart Worksheet section
Line A2

Step by Step

Federal

Deductions & Credits

Mortgage Interest, Refinancing and Insurance Click Update

Click Done

Click Yes, one or both of these situations apply to me. And Continue

Enter the Adjusted amount and Continue

Re: Mortgage Interest

Tmac2644 — Thu, 16 Apr 2020 19:52:19 GMT

@KrisD15 Thanks! This worked!