topic Home Mortage Interest Worksheet "Borrowed Amount" Field Error in Home loans

Home Mortage Interest Worksheet "Borrowed Amount" Field Error

CBR224 — Wed, 23 Feb 2022 22:39:36 GMT

The 1098 form that I received for a recent property purchase in Dec-2021 only includes information for mortgage origination date and points paid on purchase. I entered this information in the 'Home' section of the deductions and credits, but when I do the smart check I am receiving an error message for "Amount borrowed this year must be entered".

When I attempt to enter the amount on the line that is shown on the screen I am unable to click or type in any information, and when I go back to the "Home" section there is not a area to fill in this information. My 1098 form does not have a value for the Outstanding Mortgage Principal, so I am not sure how to proceed as this error keeps displaying on the check.

Is this a common issue? If so is there a fix that is pending or do I need to enter the loan amount somewhere else?

Any help is appreciated.

Re: Home Mortage Interest Worksheet "Borrowed Amount" Field Error

AmyC — Thu, 24 Feb 2022 00:01:20 GMT

Please return to the Federal Deductions and Credits section. You will need to go back to the offending 1098 form and edit that entry. The program needs a number. It is adding the mortgage information to see if you hit the $750,000 mark to limit your interest deduction. If you have no worries, enter the correct amount. If it could put you over, enter $1. The 1098 should be on a first or second home only.

Re: Home Mortage Interest Worksheet "Borrowed Amount" Field Error

CBR224 — Thu, 24 Feb 2022 00:05:34 GMT

Hi Amy,

Thank you for the quick reply.

Do I put this amount in the Outstanding Mortgage box when I edit the 1098 entry?

Re: Home Mortage Interest Worksheet "Borrowed Amount" Field Error

jfrisina — Sun, 06 Mar 2022 14:27:21 GMT

Hello, I have the same question and can't see where to go to fix this. I've entered the 1098 information exactly as shown.

Re: Home Mortage Interest Worksheet "Borrowed Amount" Field Error

CBR224 — Sun, 06 Mar 2022 19:43:54 GMT

@jfrisina I entered my loan amount in the Outstanding amount box, since on my 1098 form this was blank. It was blank because it is a new loan. Once I entered in the amount I did not receive any more errors in the smart check.

Re: Home Mortage Interest Worksheet "Borrowed Amount" Field Error

pathik — Sun, 13 Mar 2022 21:45:33 GMT

Hello @CBR224 ; @AmyC

I have exact same situation as mentioned here, purchased home in Dec 2021, and my 1098 form which I received from my vendor also shows Box 2 blank. Is that correct to do so if I enter my loan amount in "outstanding mortgage principle" to solve this issue?

Re: Home Mortage Interest Worksheet "Borrowed Amount" Field Error

froggiman1 — Tue, 29 Mar 2022 23:22:43 GMT

How do i go back to a 1098 form? When i am using Turbo Tax there are no 'forms'. There are sections and questions.

Personal

business

state

etc

no forms

Re: Home Mortage Interest Worksheet "Borrowed Amount" Field Error

JillS56 — Wed, 30 Mar 2022 00:08:09 GMT

To get back to the screen where you entered 1098;

Go back to the Federal section of your return in TurboTax;
In the Federal section, click on Deductions and Credits at the top of the screen;
Click on the Edit/Add button next to Mortgage Interest and Refinancing (Form 1098);
Open 1098 in question; click through the screens, answer the questions until you get to the screen Let's get the details from your 1098
Make any corrections at this point.

@froggiman1 [COMPLETED ANSWER 3/29/2022 5:07 PM]

Re: Home Mortage Interest Worksheet "Borrowed Amount" Field Error

froggiman1 — Wed, 30 Mar 2022 15:52:50 GMT

I did steps 1, 2 and 3. I went through all questions and screens in that section and never came to a part that says ' Let's get the details from your 1098'.

I did step 1, then step 2. Step 3 did not have an edit/add button. There was an update button on the right side of the screen (for Mortgage Interest and Refinancing), so i clicked that. Then there was "Home Loan Deduction Summary" and under 'Mortgage Lender' I clicked 'edit' for my lender. Then it asked for 'Lender Name' and i entered that, then i clicked 'primary home' for "what kind of property do you have?", then i clicked 'this is a seller financed loan and i did not recieve a 1098' for "do any of these situations apply to you?". Then a page asked for info about my lender (name, ss#, address, etc). Then a page that was titled "lets get the rest of your mortgage info" (mortgage interest, principal, origination date). Then the next page asked "if my loan was secured by a piece of property?" and i clicked 'yes'. Then a page asked for "points i paid" and i clicked 'i have no points to deduct'. Then "lets see if this is the most recent form for this loan", and whether i click 'yes' or 'no' the next page is the same. That page asks "if this is the original loan to buy the property" and i click 'yes'. Then it takes me to "Home Loan Deduction Summary" and under 'Mortgage Lender' I clicked 'edit' for my lender and the process starts over again.

Re: Home Mortage Interest Worksheet "Borrowed Amount" Field Error

froggiman1 — Wed, 30 Mar 2022 17:23:54 GMT

I called Turbo Tax and a very nice lady helped me resolve the issue. Thank you.