Correct my mortgage interest deduction for 2022 and validate 2023

[chapinreyes]

Hello,

I have just learned that some customers were affected by the turbotax per the following message:

"Some customers might have underpaid their federal and, if applicable, state taxes because TurboTax wasn't limiting the mortgage interest deduction on Schedule A. Instead, the program allowed the full deduction for the mortgage interest. As a result, some customers might have underpaid their taxes"

Could you help me understand If i was one of those customers affected and determine if I need to amend my 2022 taxes?  How can I check if my 2023 are being affecte?

[MonikaK1]

If you were able to deduct all of your mortgage interest for 2022 but should have had a limitation applied because you took the loan out after December 15, 2017,  and your outstanding debt was larger than $750,000, you could have been affected. However, TurboTax did run a study and notified users who appeared to have been affected. The debt limit is working for Federal returns for 2023.

For mortgages acquired after December 15, 2017, taxpayers can write off interest paid on indebtedness of $750,000 or less. If mortgage indebtedness exceeds $750,000, only a percentage of the interest can be deducted.

See IRS Publication 936 for more details about the mortgage interest deduction.

[chapinreyes]

Thank you!  Is there a way I can validate or review this for my 2022 tax return?  Where can i look?

[KrisD15]

You could do a "mock" return for 2023 (since the Home Mortgage Interest Section for tax Year 2023 is updated) and enter the 2022 information (1098) as if it was for 2023.

Whatever the 2023 program calculates for Home Mortgage Interest should be the same as if it was 2022.

Compare the "new" calculation to what was claimed for 2022. 

This would only be a test return after which it would need to be cleared.