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camrysam3
New Member

1098 loan transfer only - Intuit is not calculating correctly with only outdated support

1098 loan transfer only - Intuit is not calculating correctly with only outdated support. I am finding in the community that this has been a known issue for some years. When I look for the help, it mentions options that are not available for 2023. 

 

I purchased my home in 2023. Within two months, the loan transferred to a new lender. Both have provided 1098 forms with different numbers but #2 outstanding mortgage principle appears to calculate twice which is not correct. BOTH 1098 show mortgage origination date as the same day. NEITHER have anything showing in mortgage acquisition date. 

 

I have tried the many answers found in the community to combine or $0.00 but nothing is calculating correctly. 

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3 Replies
PatriciaV
Employee Tax Expert

1098 loan transfer only - Intuit is not calculating correctly with only outdated support

If your original mortgage was sold/transferred during the same tax year, enter only the 1098 from the current mortgage. Add any interest from the original mortgage to the amount on the current 1098. You can leave the mortgage acquisition date blank.

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camrysam3
New Member

1098 loan transfer only - Intuit is not calculating correctly with only outdated support

I followed all the guidance I could find and submitted my returns already. With this new direction, should I amend? Is there a way to see what this direction would do before I amend? I'm not sure if I would get the same outcome as I tried a few different methods based on the support found. 

KrisD15
Employee Tax Expert

1098 loan transfer only - Intuit is not calculating correctly with only outdated support

Add the interest on both 1098 forms and determine if the total you can claim would make an impact on your return. 

 

You have the option of using the Standard Deduction or Itemizing Deductions.

Most people use the Standard Deduction. 

 

If you filed and used Itemized Deductions, your return will include Schedule A and if the interest you can claim has increased, this more than likely would decrease your tax liability (or increase your refund) . If your tax liability was "zeroed out" (line 16 on your 1040) the increase of interest will not make a difference. 

 

If you used the Standard Deduction, this additional interest would only be helpful if that amount, plus your other itemized deductions, total more than the Standard Deduction.   

 

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