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sreiber
Returning Member

Anyone else discover Turbo Tax entered the wrong mortgage interest deduction even though you entered your mortgage interest from Form 1098 correctly?

 
4 Replies
SweetieJean
Level 15

Anyone else discover Turbo Tax entered the wrong mortgage interest deduction even though you entered your mortgage interest from Form 1098 correctly?

Under the new tax law, there are limits to mortgage interest deductions.
sreiber
Returning Member

Anyone else discover Turbo Tax entered the wrong mortgage interest deduction even though you entered your mortgage interest from Form 1098 correctly?

None applicable to me.
SweetieJean
Level 15

Anyone else discover Turbo Tax entered the wrong mortgage interest deduction even though you entered your mortgage interest from Form 1098 correctly?

Mortgage interest is only deductible on the part of the mortgage that was used to buy, build or substantially improve your home, so when you finished answering the questions in TurboTax and entered the amount that was used to buy, build or substantially improve your home, it used that amount. You can no longer deduct any amounts used to pay credit card debts, buy a car, etc.

"No matter when the indebtedness was incurred, you can no longer deduct the interest from a loan secured by your home to the extent the loan proceeds weren't used to buy, build, or substantially improve your home."

https://www.irs.gov/publications/p936


sreiber
Returning Member

Anyone else discover Turbo Tax entered the wrong mortgage interest deduction even though you entered your mortgage interest from Form 1098 correctly?

100% of my interest was to purchase my home and it is not subject to any applicable caps.  Turbo Tax messed up.  When I went to amend I changed nothing and ended up with a significant additional refund.  Think it may have been fixed in an early March update.
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