topic I have a 1098 for Home Equity Loan, I had interest paid, and no year end balance, but program requiring an outstanding principal amount. How do I enter it? or do I? in Deductions & credits

I have a 1098 for Home Equity Loan, I had interest paid, and no year end balance, but program requiring an outstanding principal amount. How do I enter it? or do I?

gregconcilla808 — Sun, 28 Mar 2021 23:52:09 GMT

Re: I have a 1098 for Home Equity Loan, I had interest paid, and no year end balance, but program...

JotikaT2 — Mon, 29 Mar 2021 00:13:42 GMT

If you had no balance left because you paid it off, you would need to enter zero for the ending balance.

You can enter your 1098 Forms into the program in the federal section of the program.

Select Deductions & Credits
Select Mortgage Interest and Refinancing (Form 1098)
At the bottom of the next page, select Add another 1098
Be sure to answer the questions carefully for each 1098

Be sure that you have entered $0 for the loan that was paid off in Box 2 - Outstanding mortgage principal on the screen titled Let's get the details from your Home loan 1098.

You will also want to select that the loan is no longer there at the end of the year is marked as paid off during the year.

Please see the link below for more information on the mortgage interest deduction.

Deducting Home Mortgage Interest

Re: I have a 1098 for Home Equity Loan, I had interest paid, and no year end balance, but program...

TigerOne — Wed, 14 Apr 2021 19:43:48 GMT

I have the same problem and this solution did not work. Still get error message saying remaining loan balance must have a value. It will not take $0.00.

Re: I have a 1098 for Home Equity Loan, I had interest paid, and no year end balance, but program...

Cynthiad66 — Wed, 14 Apr 2021 21:21:15 GMT

If the Form 1098 on the new loan has a value in Box 2 then enter that amount in Box 2. If this does not work you should wait for the fix.

Remember that TurboTax cannot just program our software to correct the problem, we have to wait until IRS has finalized the forms and provided guidance for updating the software. Our software must be able to talk to IRS' software to transmit returns.