"Does your mortgage interest need to be limited" - turbo tax put "No" here but it should be "Yes"
And in the deductible Home Mortgage interest worksheet, turbo tax calculated correctly, and ask to put line 16 to schedule A line 8a. But turbo tax still ends up putting the amount in line 13 to schedule A line 8a.
How to fix this? Thanks.
Depending upon what happened, you should review your input to make sure the information is entered correctly so your limitations are calculated correctly.
If the total amount of your mortgage balance exceeds $750,000, then the amount might be limited.
Assuming you refinanced, you would need to review your input following the steps below:
Be sure that you have entered $0 for the loan that was paid off in Box 2 - Outstanding mortgage principal on the screen titled Let's get the details from your Home loan 1098.
You will also want to select that the loan that was refinanced and is no longer there at the end of the year is marked as paid off during the year.
Please see the following link for additional information on entering the refinanced mortgage interest expense.
Your question should be updated based upon the steps above. If it does not, please comment so we can assist you further.
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