2019 Limit Deductible Mortgage Interest Question N... - Page 4
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theurbanartisans
New Member

2019 Limit Deductible Mortgage Interest Question Not working?

Unchecking the box resolves the issue, but if I go back to review, the problem recreates itself. It must be adding the loans without considering that it's double-dipping because it was a refi and not an additional amount.

ricod
Returning Member

2019 Limit Deductible Mortgage Interest Question Not working?

It is obvious that Turbo Tax is not processing the 1098s properly (they are not asking enough questions and are treating each 1098 as if it a separate loan. This late into the season the Intuit should have already fixed these. It is obvious that Corporate Leaders of Intuit (Turbo Tax) no longet care about the quality of their product. They don't want to spend the money.

lkkjburns
New Member

2019 Limit Deductible Mortgage Interest Question Not working?

I have updated TT to the most current update.    I see not place to indicate that the loan is the refinancing of another loan.    When I answer no to the question no to the two questions (was loan over $1mm or $750k) then hit done, TT is changing the answer back to yes and limiting the deduction.    All we did is refinance the original mortgage from 2012 during 2019.  The average loan amount is above $750k in 2019, however since you look back to the date of the original loan, this limitation should not apply.    What am I missing?   

VictoriaD75
Employee Tax Expert

2019 Limit Deductible Mortgage Interest Question Not working?

Try one of these workarounds:

  • 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

Or:

  • In "Forms," find the "Tax and Interest Deduction Worksheet." 
  • Scroll down to the Mortgage Interest Limited Smart Worksheet."
  • If field A 1 is blank, right click it, and select "Override", then write in the total of mortgage interest paid, from all 1098 forms.
  • Once field A 1 has the total of mortgage interest paid, copy that amount.
  • If field A 2 is blank, right click it, and select "Override", then AGAIN  write in the total of mortgage interest paid, from all 1098 forms.

The limit on the amount of interest has changed under the Tax Cuts & Jobs Act. The interest deduction pre-TCJA has been available to qualified mortgage debt up to $1 million ($500,000 married filing separately).

 

Through 2025, the TCJA has lowered the amount of qualified mortgage debt to $750,000. For qualified mortgage debt incurred on or before December 15, 2017, the $1 million limit remains in place, thus "grandfathering" existing mortgage debt.

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ruanys
Returning Member

2019 Limit Deductible Mortgage Interest Question Not working?

Thank you!

DawnC
Employee Tax Expert

2019 Limit Deductible Mortgage Interest Question Not working?

You are welcome!

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
jboettcher1
New Member

2019 Limit Deductible Mortgage Interest Question Not working?

Thank you so much!  Seems to be a bug in the program that should have been fixed, but I'm glad that resourceful individuals like you have figured out the work-around.  

acable
Level 2

2019 Limit Deductible Mortgage Interest Question Not working?

I still have this bug and the online work arounds are not working. I never get a page that says do any of these situations apply after entering 1098s

DianeW777
Employee Tax Expert

2019 Limit Deductible Mortgage Interest Question Not working?

After testing, it appears to be working correctly as long as the questions are answered about refinance. It's important to answer the questions appropriately for TurboTax to recognize that one loan is a refinance and the other was the original loan.  If you go through the questions carefully, you should obtain the correct results.  (see the image below for the specific page)

Kat
Level 15
Level 15

2019 Limit Deductible Mortgage Interest Question Not working?

Hey users that in this thread:  Will you please report back here and let me know if @DianeW777 's solution has worked for you?  And thank you, Diane, for posting here!  This has been an issue for a couple of years now.

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
acable
Level 2

2019 Limit Deductible Mortgage Interest Question Not working?

Hey, 

this thread outlines many people with the same issue but none of the fixes given in either thread work... please look into this turbotax @DianeW777 @Kat 

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-bug-with-refinance-on-a-large...

 

Kat
Level 15
Level 15

2019 Limit Deductible Mortgage Interest Question Not working?

@acable I have reported this issue to TurboTax Moderators.  It was actually an issue in 2019, as well.  I'm sorry that @DianeW777 's solution didn't work.  I was hopeful!

 

I'm working to find out if anyone recalls the workaround from 2019, because I remember that there was one.  Let me stir the pot a little more.  I'll post back here if I can offer any help!  I am so, so sorry.

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
Kat
Level 15
Level 15

2019 Limit Deductible Mortgage Interest Question Not working?

Users:  I've just learned of this TurboTax FAQ where you have an opportunity to sign up for email notifications when this issue has been resolved.

 

Why is my home mortgage interest being limited? 

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
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