topic Why can't the outstanding balance on my 1098 be zero? in Deductions & credits

Why can't the outstanding balance on my 1098 be zero?

bfollowell — Fri, 04 Feb 2022 02:04:35 GMT

This is the first year that I've never received a 1098 from our mortgage company. They've been bought out by another bank and we paid off our mortgage. Still, I know the interested that was paid and the outstanding balance, which is zero, so it really shouldn't be all that hard to figure out. Why, when I enter 0.00 as the outstanding balance does TurboTax tell me that Outstanding Mortgage Principal must have a value? How else am I to say that there is no outstanding mortgage principal?

Re: Why can't the outstanding balance on my 1098 be zero?

ThomasM125 — Fri, 04 Feb 2022 04:12:03 GMT

You are to enter the outstanding balance at the beginning of the year, or the beginning date of your mortgage if you took out the mortgage in the current year. That is why it can't be zero, since you have to have had a mortgage if you have mortgage interest.

Re: Why can't the outstanding balance on my 1098 be zero?

bfollowell — Fri, 04 Feb 2022 13:30:14 GMT

Ahhh, that makes perfect sense. As many years as I've entered that information, and I'd never noticed that it was the beginning year remaining outstanding balance. I'd always just assumed that it was the end year.

Thank you!