3508238
I'm getting ready to file and suddenly it's telling me "California mortgage interest and points deduction amount" I went to a tab where I did not type anything in (everything is calculated by TurboTax). it showed federal deduction at 11kish with California at 4kish. I did not type any of those numbers in and it's giving me an error "Please review your entries. The California mortgage interest and points deduction amount should not be less than the federal deduction amount"
what's going on??
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Can you please clarify what you mean by "I did not type anything in"? Generally, itemized deductions such as the mortgage interest deduction are entered on the federal return and transferred to the state return. Did you make any entries for home mortgage interest on your federal return?
Well that’s the thing. I did put those in, and I get it auto populated from the federal tax forms, turbo tax is auto populated 11k for federal and 4k for California.
my question is:
why did turbo tax auto populate 11k for federal and 4k for California
and why am I getting “Please review your entries. The California mortgage interest and points deduction amount should not be less than the federal deduction amount“ from turbo tax when it auto populated those numbers ?
Review the entries you made in the mortgage interview in the Federal return. You can revisit your entries in the mortgage interest questionnaire to confirm, for example, that you identified the loan as being secured by your home, that the loan funds were used to purchase or improve your home, the dollar amount of interest entered was correct, and that the loan principal was entered and didn't exceed applicable limits ($750,000 for loans originated December 16, 2017, or later).
Then, review any entries you made in the California interview for any items treated differently in California. California allows interest on home purchases up to $1,000,000, whereas the Federal return currently limits the purchase price to $750,000, so it is not typical to see a larger deduction for the Federal return.
You could also opt to delete the California return and then complete it again after you check over your Federal entries.
Please see this article and this one for more information on home mortgages from TurboTax.
See IRS Publication 936 for more information on mortgage interest deductions.
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