topic Mortgage Deduction not being allowed in Deductions & credits

Mortgage Deduction not being allowed

jeff_m — Sun, 21 Jun 2020 18:19:50 GMT

In Deductions and Credits I have a mortgage deduction of $9,743 for two home loans yet these deductions are not showing up on my 1040 (increasing my amount due)

* The loans total $646,000

* I checked the box "Is this loan secured by a property of yours" for both loans

What am I missing ?

Thanks!

Re: Mortgage Deduction not being allowed

DoninGA — Sun, 21 Jun 2020 18:21:04 GMT

For desktop versions:

In Forms view, locate and click on Tax & Int Wks on the left from the forms list
On the form, scroll to Mortgage Interest Limited Smart Worksheet
Click on NO to the right of the question, Does your mortgage interest need to be limited

For online versions:

Under Deductions & Credits, expand the menu for Your Home
Click Start/Revisit next to Mortgage Interest and Refinancing (Form 1098)
Click through until you get to a screen that says Do any of these situations apply to you? Mark Yes.
On the next screen, take out the zero.
Click back and choose No.

Re: Mortgage Deduction not being allowed

jeff_m — Sun, 21 Jun 2020 18:34:48 GMT

AWESOME! It worked 🙂

Thanks

Re: Mortgage Deduction not being allowed

ALD_3 — Sun, 05 Mar 2023 03:28:19 GMT

IS anyone having this issue with 2022 desktop. It is allowing all other itemized however not the mortgage.

Thanks so much!

Re: Mortgage Deduction not being allowed

DoninGA — Sun, 05 Mar 2023 11:50:05 GMT

@ALD_3 wrote:

IS anyone having this issue with 2022 desktop. It is allowing all other itemized however not the mortgage.

Thanks so much!

This is a known problem. See this TurboTax support FAQ to sign up to be notified when corrected - https://ttlc.intuit.com/turbotax-support/en-us/help-article/mortgage-loan/mortgage-interest-flowing-schedule/L1bVtJVuN_US_en_US