You'll need to sign in or create an account to connect with an expert.
The IRS does not open until February 12. They work on forms from most common to least common. See Federal form availability for expected release dates. Once released, we work to incorporate them quickly. As we incorporate, there are issues. Please sign up for notifications on the mortgage interest.
Glad to hear it! thank you for letting us know. I look forward to the resolution.
I have subd for the notifications.
Yes, you may claim mortgage interest deduction regardless of the number of lenders as long as the loan does not exceed $750,000 for married filing joint ($375,000 for single filers). The home mortgage loan must be secured by the property to qualify for the deduction.
See,why is mortgage being limited, for any issues encountered.
Thanks, Joanne. As mentioned by others here, the issue is a software one, as the software is currently just adding up all the re-finance totals instead of averaging them out.
I have subscribed for updates, I am hoping a resolution is achieved soon. It appears a lot of people had this issue last year and TurboTax never resolved it, so this is certainly concerning.
@JoannaB2 I believe you acknowledged that you gave incorrect information in this thread.
You claimed it was a typo. But you are giving the wrong information again. Please stop copy and pasting incorrect information.
Single people don't have a lower mortgage threshold. Single filers and married filing jointly is $750,000. It's married filing separately that have the $375,000 limit.
We are aware of this experience. Please sign up for email notifications when an update related to this issue is available here.
Yes, I agree. I updated my library after I received your email. I might have 1 or 2 that but right now, it's been fixed. I'm so sorry. I couldn't remember which one's. Can you forward those post so I could edit?
Thank you very much.
Joanna B
Yes, you may claim mortgage interest deduction on a loan used to buy/build a home up to $750,000 for married filing joint ($375,000 for married filing separate). The home mortgage loan must be secured by the property to qualify for the deduction. The following are steps to enter deductible home mortgage interest:
See, why is my mortgage, and click go here for any issues encountered.
Users: I've just learned of this TurboTax FAQ that gives you the opportunity to sign up for when this issue has been resolved.
Why is my home mortgage interest being limited?
I totally agree with you. You shouldn't have to double check their calculations. A $450,000 loan refinanced for $449,000 should not appear as a $900,000 loan with limits!
Hi guys,
Just wanted to report that TT online has been updated.
Its now asking principal balance pay off amounts and dates for loan acquisitions. This was my scenario, 2 1098's because of it. Its finally calculating the average instead of adding them together.
I am in the process of finalizing.
M
I don't think this is correct. When I went back in and looked at my numbers, they are still not correct and nothing has been amended. Curious to see what others are saying / seeing.
I went back and deleted all my 1098s, and when I went to reenter, I saw a link that reads: "Multiple 1098s related to a Refinance done in 2020." It essentially tells you to input one 1098 to cover refinance.
Nope. Still broken.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
svetpetrov99
New Member
mshell
Level 1
Think57
Level 3
zomboo
Level 6
g213
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.