topic Home Mortgage Interest Worksheet in Deductions & credits

Home Mortgage Interest Worksheet

cambridge13 — Mon, 15 Mar 2021 22:15:55 GMT

System identified one error.I need to enter the beginning balance[line 3]on the Home Mortgage Interest Limitation Smart Worksheet.The field is highlighted on the form.However,The system will not allow me to enter the amount when I attempt to type it in.I am taking the Standard deduction so it doesn't matter.How can I type it In????

Re: Home Mortgage Interest Worksheet

JoannaB2 — Mon, 15 Mar 2021 23:36:28 GMT

If you're taking the Standard Deduction, you don't need to type the amount of your standard deduction. Towards the end of federal taxes, it will highlight the amount of itemized deduction and the standard deduction, select your preferred method (Standard Deduction).

Some TurboTax customers were experiencing an issue with their Home Mortgage Average Balance. This can cause the Home Mortgage Interest to be incorrectly limited.

We have added some in-program help to assist with the entering of your home mortgage information.

For more information, please see the following article:

How do I handle multiple 1098 mortgage forms?

What do I do if I have multiple 1098's from refinancing my mortgage?

Re: Home Mortgage Interest Worksheet

apcorsbrown — Sat, 27 Mar 2021 22:21:49 GMT

I can not enter the amount borrowed in 2020 on the work sheet and it says i have to enter it.

Re: Home Mortgage Interest Worksheet

ReneeM7122 — Tue, 30 Mar 2021 20:22:33 GMT

If you're having difficulty entering information into your mortgage interest worksheet, it may be best to delete it and begin again. Here's how:

How do I view and delete forms in TurboTax Online?

Open or continue your return in TurboTax.
In the left menu, select Tax Tools and then Tools.
In the pop-up window Tool Center, choose Delete a form.
Select Delete next to the form/schedule/worksheet in the list and follow the instructions.

Here is a TurboTax article about deducting mortgage interest, and IRS Pub 936

Re: Home Mortgage Interest Worksheet

Jsantillan13 — Thu, 07 Apr 2022 21:12:24 GMT

I have a similar problem. I cannot complete my filing because I have to correct the following error - Home Mortgage Interest Worksheet (Randolph Brooks Federal Credit Union): Beginning principal must be entered

Please tell me how to access that worksheet

Re: Home Mortgage Interest Worksheet

Jsantillan13 — Fri, 08 Apr 2022 00:31:49 GMT

Open or continue your return in TurboTax.
In the left menu, select Tax Tools and then Tools.
In the pop-up window Tool Center, choose mortgage interest worksheet
If you can't enter the principal amount borrowed, click left on the entry box
a pop up will appear and ask for the principal amount
after entry just close the pop up and the entry will appear now on the worksheet

Not very user friendly

Re: Home Mortgage Interest Worksheet

ragingagin — Thu, 14 Apr 2022 17:29:20 GMT

i sold a house and bought another in june. i received 2 1098's, 1 for each mortgage. The worksheet added both mortgage amounts together as if both amounts were outstanding all year. so this sum became the average outstanding loan amount thus massively limiting my interest deduction. the sum should have been divided by 2 since each loan was o/s for 1/2 the year. how can i override that?

Re: Home Mortgage Interest Worksheet

ragingagin — Thu, 14 Apr 2022 17:35:56 GMT

what is the left menu? i cannot find tax tools

Re: Home Mortgage Interest Worksheet

Vanessa A — Thu, 14 Apr 2022 17:47:49 GMT

You can use the Average Mortgage Balance method to enter the balances instead of what is reported on the 1098.

So if the outstanding balance on mortgage 1 was $600,000 and on mortgage 2 was $700,000, one bought and the other sold on June 30 (half a year) you would take the average balance for the year. So for mortgage 1, you would have an average balance of $300,000 and for mortgage 2 your average balance would be $350,000

Re: Home Mortgage Interest Worksheet

124719 — Wed, 27 Apr 2022 23:13:55 GMT

How do I put in my mortagage interest of $3,890.40 from Chase Bank on $76,551.25 as 9/10/2010. I also need to close out this Account I have already paid on 4/19/2022. $173. On account# TTWCB251524973 can someone help me? 💕❤😟

Re: Home Mortgage Interest Worksheet

VolvoGirl — Wed, 27 Apr 2022 23:24:38 GMT

What do you mean to close out the account? Do you need to finish your return and file it?

Re: Home Mortgage Interest Worksheet

124719 — Thu, 28 Apr 2022 16:03:54 GMT

When I texted close out I'm trying to file my account. So I can get refund. Please help me my phone # is [phone number removed]. Pease help me Thanks. I'm want to finish my tax return and file it.

Re: Home Mortgage Interest Worksheet

Critter-3 — Fri, 29 Apr 2022 11:40:40 GMT

Contact TurboTax support and speak directly with a TurboTax support agent concerning this TurboTax support situation.

See this FAQ for a contact link and hours of operation -https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number