topic 1098 in Deductions & credits

1098

jjschel — Mon, 01 Feb 2021 20:09:51 GMT

My 1098 from my bank has a 0.00 in box two for outstanding mortgage. TurboTax does not allow me to enter a 0.00. That is what is on my form, so how do I get around this?

Re: 1098

DMarkM1 — Mon, 01 Feb 2021 20:37:35 GMT

If there was mortgage interest paid for 2020 (an amount in box 1), there had to be a balance on the loan in 2020. You should contact your lender to find the balance on your loan as of 1/1/2020 or if funded/opened in 2020 what was the original amount of the loan?

That amount needs to be in box 2.

Re: 1098

jjschel — Thu, 04 Feb 2021 18:17:28 GMT

This is a HELOC. on Jan 1. 2020 I had a 0 balance. I took an advance during the year and paid interest. Turbotax needs to be fixed to account for this scenario.

Re: 1098

Cynthiad66 — Thu, 04 Feb 2021 19:50:00 GMT

If you know how much the load was, input that amount here. Below is information from IRS.gov

Box 2. Shows the outstanding principal on the mortgage as of January 1, 2020. If the mortgage originated in 2020, shows the mortgage principal as of the date of origination. If the recipient/lender acquired the loan in 2020, shows the mortgage principal as of the date of acquisition.

Re: 1098

jjschel — Thu, 04 Feb 2021 20:59:52 GMT

The load was 0. When I opened the HELOC I did not take any money out. You need to fix the program to allow 0 in box 2. It does occur.

Re: 1098

JamesG1 — Thu, 04 Feb 2021 21:56:05 GMT

Some TurboTax customers are experiencing an issue with their home mortgage average balance. This can cause the home mortgage interest to be incorrectly limited. This may be affecting your tax return.

Please sign up for email notifications when an update related to this issue is available here.